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Noble Group: Moving Forward With Expected Obstacles

Proposed Restructure Version II

Since Noble Group (“Noble”) announced its restructuring plan in January 2018, there has been a substantial amount of negotiation and backlash from its various vested interests. This has resulted in certain tweaks and changes to the company’s restructuring (see the chart below). Existing senior unsecured creditors have been rather silent on the surface, with two obvious main camps, those which have acceded or planning to accede to the restructuring support agreement (“RSA”), and hold-outs who are still a wild-card. Largely, we have not sighted major changes to the planned restructuring of senior unsecured debt with the exception of some relatively minor adjustments to debt tranching and payment schemes.

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