Noble Group gives update on financial restructuring

The company’s board has issued a Practice Statement Letter to the company’s creditors. The Practice Statement Letter provides the company’s creditors with further information on the Schemes, and in particular on the constitution of classes in which creditors will vote on the Schemes.

Paul Brough, Chairman, commented: “Following recent shareholder approval, we continue to make good progress towards the completion of the restructuring, with the issuance of the Practice Statement Letter representing another significant milestone. We remain focused on achieving completion as soon as possible, to enable the group to once again operate with a sustainable capital structure and capitalise on the growing opportunities in the Asian commodities markets, to the benefit of all our stakeholders.”

The company intends to apply to the High Court of Justice for England and Wales for permission to convene the English Scheme Meeting at the English Scheme Convening Hearing, currently scheduled for 12 October 2018 in the Companies Court, Royal Courts of Justice, Rolls Building, Fetter Lane, London EC4A 1NL.

The company also intends to apply to the Supreme Court of Bermuda for permission to convene the Bermuda Scheme Meetings at the Bermuda Scheme Convening Hearing, which will take place shortly after the English Scheme Convening Hearing.

Read the article online at: https://www.drybulkmagazine.com/dry-bulk/24092018/noble-group-gives-update-on-financial-restructuring/