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Noble says more than 70% of creditors have given nod to restructuring scheme

DISTRESSED commodities firm Noble Group on Monday said more than 70 per cent of its creditors have acceded to the restructuring support agreement.

It added that company's advisors are in contact with approximately 10 pe cent of creditors who have indicated their broad support for the proposed financial restructuring.

"The company remains confident that the number of creditors acceding into the restructuring support agreement will continue to rise."

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The proposed restructuring agreement requires approval by a majority of existing senior creditors representing 75 per cent in value of its debt.

Noble is seeking to push through a proposal to halve debts of US$3.5 billion by asking creditors to take on equity and new debt instruments.

Under the plan, the group will issue three new bonds totalling US$1.655 billion, with two paying an annual coupon of 9.75 per cent after 18 months and a third paying a 10 per cent annual coupon.

"The company continues to engage in discussions with shareholders and the Singapore Exchange on the restructuring," Noble said.