Noble Group Ltd. is talking to creditors about a conventional restructuring that includes a debt-for-equity swap, according to people familiar with the talks, changing tack from an earlier proposal as the commodities trader tries to secure its survival.
After talks in Hong Kong last week, the commodities trader is expecting a proposal from its creditors to restructure of $3.5 billion in debt that would include a major debt-for-equity element, the people said, asking not to be named discussing private talks. Depending on its size, the debt-for-equity swap could wipe out a significant portion of the shareholdings of current investors.
Although a deal remains some way off, the new direction is a departure from Nobles original pr…
Read the full article at: https://www.bloomberg.com/news/articles/2017-12-12/noble-group-is-said-to-move-toward-debt-for-equity-restructuring