Associate Partner

Noble Group says shareholders to receive 20 pct of equity in restructured company

 Noble Group says shareholders to receive 20 pct of equity in restructured company

(Reuters) - Embattled commodity trader Noble Group on Wednesday said the company's shareholders would receive 20 percent of the equity in the company after restructuring, and that Goldilocks Investment Co would support the plan.

Noble, which has been struggling to secure shareholder approval to restructure its $3.5 billion debt, had asked for a trading halt on Monday pending an announcement.

Abu Dhabi-based Goldilocks Investment Co Ltd, which holds 8.1 percent of Noble, had been resisting the plan which proposed halving Noble's debt in return for handing over 70 percent of equity to senior creditors.

(Reporting by Rushil Dutta in Bengaluru)

This story has not been edited by Firstpost staff and is generated by auto-feed.

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .

Updated Date: Jun 20, 2018 07:06:22 IST