But concerns arise as its founder Richard Elman is pushing for a new restructuring.
Noble Group Limited said it has gotten 70% of its creditors to commit to its restructuring support agreement (RSA). In an announcement, it said it is now “in contact” with around 10% of creditors that have indicated their support for the restructuring.
“The company remains confident that the number of creditors acceding into the RSA will continue to rise,” the company said.
However, according to a Bloomberg report, unnamed sources said founder and top shareholder Richard Elman is pushing for a new restructuring deal after he resigned from the company due to differences in opinion. “Elman is pushing for a better deal for himself and others days after Singapore’s stock market regulator criticized the restructuring plan and asked creditors to reconsider some of its proposals,” it said.
Noble’s top shareholder Goldilocks, through a statement, backed Elman when he said that the RSA is inequitable. “Elman’s position is consistent with what Goldilocks has championed from the very outset: the RSA is inequitable and appears to be concocted between the incumbent board and a select group of creditors to target shareholders. Goldilocks has made it clear to all shareholders from the very outset that their rights were severely prejudiced by the RSA,” it said.
Goldilocks also noted that the Singapore Exchange Regulation (SGX RegCo) and Securities Investors Association Singapore (SIAS) confirmed its stance when they asked creditors and Noble’s board to reconsider the RSA.
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