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

Reuters Published on Mon, Apr 16, 2018 / 7:17 PM GMT+8

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SINGAPORE (Apr 16): Noble Group improved the terms of its controversial $3.4 billion debt restructuring deal and won the support of its biggest shareholder as the commodity trader seeks to complete the vital transaction.

Singapore-listed Noble's debt-for-equity swap has already won the backing of more than 83% of the holders of its senior debt but it also needs a majority of its shareholders to approve the restructuring.

"The revised structure granting shareholders 15% equity in New Noble has my full support," Noble founder Richard Elman said in Noble's statement on Monday. Elman resigned from the company's board last month, citing differences with creditors and the board.