Goldilocks says 'arrogant' Noble's restructuring proposal still unfair to minority shareholders

SINGAPORE (Mar 15): Goldilocks Investment Company, Noble Group's fifth largest shareholder with an 8.1% stake, is "astounded" that the embattled commodities trader continues to turn deaf ears to calls to make the restructuring proposal more equitable and fair for the minorities.

The response from Abu Dhabi’s Goldilocks follows Noble's Wednesday announcement that it had signed a binding US$3.5 billion ($4.6 billion) restructuring support agreement (RSA) with a group of hedge fund creditors.

"Why does the senior creditors’ ad hoc group continue to favour and reward Noble’s errant management that, by all business standards, should have been punished for the losses that all stakeholders have suffered and continue to suffer as the saga continues unabated?" asks Goldilocks in its media statement released on Thursday.

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