Yancoal Australia intends to file objections to aspects of Noble Group's restructuring plan, it was announced yesterday.
Yancoal, which is labelled as a potential "other scheme creditor", is also set to challenge the jurisdiction of the English courts over the plan.
Noble said in a statement announcing the Yancoal move: "The company's advisers note that objections of the nature raised by Yancoal are not uncommon in complex international restructurings. The board continues to strongly believe that the restructuring is in the best interest of all stakeholders."
Noble expects to issue an explanatory statement to scheme creditors on Oct 16. It has, meanwhile, applied to both the High Court of Justice of England and Wales and the Supreme Court of Bermuda to begin scheme meetings. In August, Noble won approval from shareholders to push through with its do-or-die debt-for-equity rescue package.
Under the controversial restructuring plan, Noble will hand over 70 per cent of the equity to senior creditors, 10 per cent to management and the rest to existing shareholders.
Meanwhile, Noble sold its beneficial interests in Indonesian subsidiary Kaltim Bio Energi for a nominal US$1 (S$1.40) in cash to Wadash Enterprises yesterday, with the buyer taking on all the outstanding payables owed. Kaltim Bio Energi had a book value of US$10.4 million, based on unaudited financial results for the six months to June 30.