April 16, 2018 / 8:21 AM / 8 months ago

Noble Group changes debt restructuring deal, gets founder's backing

SINGAPORE, April 16 (Reuters) - Singapore-listed Noble Group announced on Monday a “simplified structure” to its controversial $3.4 billion debt restructuring deal and said this had won the support of its founder and biggest shareholder, Richard Elman.

Following talks between Noble and a group of senior creditors, the company said all its existing shareholders would now be allocated 15 percent of equity in a new company called New Noble as part of its key debt-for-equity swap.

Under the previous proposal, Noble’s shareholders were being offered 10 percent equity and additional equity subject to various conditions. This had been criticised by some shareholders and Elman, who holds about 17.9 percent of Noble. Elman had resigned from the board last month, citing differences with creditors and the board. (Reporting by Anshuman Daga Editing by Jacqueline Wong)

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