Embattled Noble Group looks like it may be finally out of the woods, after signing a restructuring deal with key creditors, essentially working out a new debt and equity swap while also providing some buffer future trade finance.
Noble said in a stock market announcement that the restructuring support agreement (RSA) had been reached with an ad hoc group representing 46% of the groups existing senior creditors. In addition, creditors and future and current trade finance providers Deutsche Bank and ING Bank, the latter of which is in the process of seeking credit approval to accede to the agreement, will add another 4% of existing senior claims holders, it added. Noble also said a further approximately 15% of existing senior creditors had …
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