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Noble Group completes US$3.45B restructuring process

Noble Group Ltd. said Dec. 20 that it completed its ongoing US$3.45 billion restructuring process by moving its assets under a new holding company called Noble Group Holdings Ltd. with trade and hedging facilities of US$800 million.

The previous company's senior creditors will hold 70% of the shares in new Noble, the previous company's shareholders will hold 20%, and management will hold 10%.

The company said its existing notes and capital securities will be delisted from the Singapore Stock Exchange, effective Dec. 21. The new entity will be a smaller, unlisted company.

Additionally, Noble Group announced the resignation of nonexecutive directors Wayne Porritt and Tim Isaacs, who helped guide the company through the restructuring process.

This long-awaited milestone was achieved following the Supreme Court of Bermuda's recent approval for the restructuring plan, allowing the company to avoid liquidation.

The company confirmed in November that it received a letter from Singaporean authorities outlining a joint investigation into its accounts due to "suspected false and misleading statements and breaches of disclosure requirements."