Holders of Noble Group's 2020 notes aware about default: Board

They have a principal amount of nearly $1.63b at 6.75%.

Embattled Noble Group has issued a notice to the holders of their 2020 notes regarding the event of default, the firm said in a statement.

“If an event of default under section 5.01(g) (Chapter 15 of the United States Bankruptcy Code) is continuing, the principal of, premium, if any, and accrued and unpaid interest on all the 2020 notes is immediately due and payable without any declaration or other act on the part of the trustee or any holders of the 2020 Notes,” they explained.

Said notes have a principal amount of nearly $1.63b (US$1.18b) at 6.75%. The scheme is facing a default after the company filed a Chapter 15 bankruptcy petition in the United States.

The group’s board explained that the scheme will not hit Noble’s proposed debt restructuring.

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