June 20, 2018 / 12:48 AM / 3 months ago

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

June 20 (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)

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