BEIJING (dpa-AFX) - Noble Group Limited (NOBGF.PK) announced the completion of the company's restructuring today. New Noble has acquired substantially all of the assets of the Company.
The company noted that the completion of its restructuring allows the Company's business to move forward under its new holding company, Noble Group Holdings Limited; to focus on its customers and suppliers with a fully restructured balance sheet and committed trade and hedging facilities of US$ 800 million; to carry forward its business plan as Asia's leading independent energy products and industrial raw materials supply chain manager.
The company's Chairman, Paul Brough said, 'Today's announcement marks a significant milestone for the Company... I also want to thank all of Noble's very loyal employees who have travelled this complex restructuring journey with us. It is now for New Noble to take the business forward under the experienced leadership of CEO Will Randall and his team, who will now have a stable business platform and the financial resources necessary to realise the full potential of the business.' The Perpetual Capital Securities Exchange Offer is expected to complete on Friday 21 December 2018.
Following the Restructuring Effective Date, the company said it no longer has any material assets and the officer appointed by the Bermuda court on 14 December 2018 will continue in office pending further resolution by Senior Creditor SPV (as the Company's sole remaining senior creditor) and further action of the Bermuda court. As the Restructuring Effective Date has now occurred, the NGL Board announced the resignation of Wayne Porritt and Tim Isaacs, who joined the NGL Board as independent non-executive directors in March and April respectively this year to help guide the Company through the Restructuring.
Given the developments which have taken place since 20 November 2018 regarding the Joint Investigation and the decision of the SGX not to list the shares of New Noble, it has been necessary to reconsider the most appropriate composition of the board of directors of New Noble. This process will take some further time to complete. Meanwhile, Paul Brough, has agreed to become the first chairman of New Noble until a suitable successor has been identified, the company said.
The board of directors of New Noble will also include new directors appointed by Goldilocks and the creditors, management representatives and certain independent non-executive directors from the NGL Board to provide continuity.
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