SINGAPORE (April 19): Noble Group is currently in default on US$3.4 billion ($4.5 billion) of its financial debt obligations and the group can only survive with the support of its creditors, says chairman Paul Brough in an open letter to shareholders on Wednesday.
Noble's restructuring support agreement (RSA), which involves a debt for equity swap, has already won the backing of over 83% of holders of its senior debt, but needs a majority of its shareholders to approve...(click on link for full story on theedgesingapore.com)