SINGAPORE - The board of Noble Group on Friday (Nov 9) announced that resolutions to approve both its English and Bermuda schemes have been passed at the Nov 8 scheme meeting, with the requisite majority of each class of scheme creditors giving the green light.
The commodities trader will submit the results of the scheme meetings to the English Court and Bermuda Court to apply for the sanctioning of the schemes.
The English sanction hearing is due to take place on Nov 12 in the Business and Property Courts, Royal Courts of Justice, Rolls Building, in London, while the Bermuda sanction hearing is due to take place on Nov 14 in the Commercial Court, Government Administration Building, in Hamilton, Bermuda.
In August this year, Noble shareholders approved the commodities firm's controversial restructuring plan, under which the firm will hand over a bulk or 70 per cent of the equity to senior creditors, 10 per cent to management and the rest to existing shareholders.
In the next step, shareholders will need to decide whether to risk participate in a portion of Noble's US$625 million new money debt by 5pm London time on Nov 14, with those who wish to risk participate having to complete the necessary steps by 5pm London time on Nov 20.