Noble Group has been given a second extension for a condition key to its restructuring, the troubled commodities trader said yesterday.
This follows its Tuesday night announcement that it will apply to the Bermuda court for a hearing tomorrow to clear the way for restructuring the company into New Noble.
The move followed the decision last week by the Singapore authorities to bar Noble from relisting the restructured entity because of an ongoing probe into suspected improper accounting.
In view of the additional time needed due to the court application, the Securities Industry Council granted an extension till Dec 31 for Noble to rely on the whitewash resolution approved by shareholders, the firm said.
This key waiver was initially due to expire on Nov 27 before being extended to Dec 11. It allows the restructuring deal to go ahead without Noble's creditors, who are due to take control of the firm, being forced to make a buyout offer for its shares.
The long-stop dates under each of its English and Bermuda schemes of arrangement can be pushed back, with the agreement of Noble and its creditors, no further than Dec 31. Noble said it anticipates the restructuring on Dec 18 if the Bermuda court hearing goes its way tomorrow.
The restructuring will involve 20 per cent of the shares in New Noble being allocated to existing shareholders even though Singapore regulators have not allowed Noble's listing status to be transferred to New Noble.