The plan reportedly will allow creditors to cash-in on shares from a debt-to-equity swap.
According to Bloomberg, citing a Debtwire report, Noble Group Ltd. has reached the outline of an agreement with its creditors to restructure about $3.5b in debt, paving the way for an investor to take a controlling stake in the company.
The agreement with bondholders and lenders was reached after meetings in London earlier this week, according to Debtwire. If implemented, the plan would give Noble access to working capital at a cheaper cost, and allow creditors to cash-in on shares obtained from a debt-to-equity swap via a sale to the strategic investor, it said.
A framework had been agreed between the parties, with some issues to be worked through, according to the report. An external spokeswoman for Noble Group said she couldn’t immediately comment on the Debtwire report.
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