Noble races to get buy-in on debt restructuring
HONG KONG • Singapore-listed Noble Group is racing against time to garner enough votes for a debt restructuring plan after its decision not to pay a US$379 million (S$500 million) bond due today sets it on course for its first note default.
Noble's shares plunged yesterday as investors weighed the consequences of the trader's decision not to pay the 2018 notes. The stock sank 19 per cent to 11.1 cents, the lowest since 1999. Its 2018 and 2022 bonds were largely unchanged.