10
Aug
11:38
Noble Group seeks restructuring approval
Struggling trading house Noble Group has published the final version of its restructuring plan, which will see its creditors take a majority stake in the firm. The plan still has to be approved by both senior creditors and shareholders in late August, Kallanish notes.
The plan takes the form of a $3.5 billion debt-for-equity swap, which will leave existing shareholders with just 20% of the company, current management with 10% and 70% held by creditors.
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Anonymous
Very good overview of the weekly steel market.
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