Goldilocks files lawsuit against Noble

It is seeking to postpone the annual general meeting for the restructuring.

Noble Group and Goldilocks Investment Company continue to lock horns as the fund has filed a lawsuit "in light of the continuing refusal by Noble to recognize [its] legitimate legal rights as a shareholder of Noble."

According to an announcement, Goldilocks is seeking remedies including a declaration that Goldilocks is entitled to propose directors for election to the board and exercise its shareholder rights and that its requisitions for the appointment of new directors and the rejection of Noble’s candidates are valid.

It demanded that Noble be ordered to comply with Goldilocks’ requisitions with respect to the appointment of new directors.

Goldilocks has also sought an injunction, on an urgent basis, to restrain Noble from proceeding with the 30 April 2018 annual general meeting. "These steps are regrettable but are necessary as a direct result of coercive actions taken by Noble," it said.

The "coercive actions" it cited are the lack of constructive engagement from the part of Noble. “To the great disappointment of Goldilocks, Noble and its board have not responded constructively and indeed have rebuffed Goldilocks at every point,” it added.

The fund added that Noble had complete lack of disclosure and tried to push the restructuring plan at all costs.

Meanwhile, a separate lawsuit has also been filed in Singapore that seeks some remedies, incuding the restraint of establishing connections in the UK that will move Noble’s centre of main interests (COMI), taking any actions to progress the restructuring support agreement (RSA). The fund also demanded the board and its supporting creditors be compelled to disclose all material information forming the basis of the commercial terms and feasability of the restructuring set out in the RSA, including the ability of “New Noble” to comply with its financial obligations.