SINGAPORE (Reuters) – Shares in Noble Group (NOBG.SI) fell on Tuesday after it struck a deal with a group of creditors to restructure $3.5 billion of its debt in exchange for 70 percent of the firm, with existing equity holders’ combined stake diluted to only 10 percent.
In early Tuesday trade, Noble shares fell as much as 23 percent to 0.200, the lowest since Jan. 22, and were last down 11.5 percent at 0.230.
Noble, which has made heavy job cuts, sold key assets, taken writedowns and raised funds after a crisis-wracked three years, said on Monday that the debt-for-equity swap was backed by 30 percent of holders of its existing senior debt.
Reporting by Anshuman Daga; Editing by Himani Sarkar
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