Noble strikes deal with some senior creditors

Singapore

DISTRESSED Noble Group has reached an agreement with some of its senior creditors in a scheme that would slash its existing debt by half and leave its current shareholders with only 10 per cent in the new group.

Noble said on Monday evening that a group of senior creditors, who represent about 30 per cent of its bonds and revolving credit facility, has agreed to swap their debt for a combination of new debt instruments and equity in the restructured group.