Shareholders vote on the $3.5bn debt restructuring of the Hong Kong commodities company at meeting that starts in Singapore at 2-30pm local time. Shareholder support is being sought for a debt – equity swap that will leave shareholders owning just 20% of the company.
Read more:Â Noble reaches restructuring agreement with key creditors
The $3.5bn restructuring aims to bring to an end a three-year long financial crisis at Noble, a one-time giant of the commodities business valued at $6bn in early 2015. Noble has been hit hard allegations that it overvalued its businesses, in particular by a former employee under the guise of Iceberg Research.
Founder Richard Elman will not be taking up a previously announced post of executive director in Noble if the restructuring is approved.
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