Krystal Chia and David Yong
Noble Group plans to introduce the schemes of arrangement that underpin its restructuring this week, a key step in the creation of a new company that senior creditors signalled will hold to the highest standards of corporate governance after a drawn-out crisis.
The schemes, which buttress the $US3.5 billion ($4.9 billion) debt-for-equity rescue, will be introduced in courts in London and Bermuda by September 21, the commodity trader said on Monday. In a separate release, the company’s ad hoc group, or AHG, of senior creditors said they expected “Old Noble” to file for insolvency, while its successor entity revives the core business overseen by a tough…
Read the full article at: https://www.afr.com/business/nobles-top-creditors-seek-to-draw-a-line-under-crisis-20180917-h15h3z