Noble hails milestone creditor approval for restructuring

Over 75% of Noble's senior debt holders agree to its $3.5 billion restructuring plan, a crucial step for the turnaround of the embattled commodities trader.

Noble’s turnaround strategy has received an important boost after its senior bondholders approved the crisis-hit commodities trader’s proposal to restructure its debt.

In a statement to the Singapore Exchange, Noble said it had received support from 75% of its senior creditors by value to push forward its $3.5 billion debt restructuring plan, a crucial step to keep the business out of formal insolvency proceedings.

“The company remains confident that the number of creditors acceding into the RSA restructuring support agreement will continue to rise in advance of the scheme meetings,” Noble said in the statement on late Thursday.

Noble said it was...

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