Noble to start schemes of arrangement in England and Bermuda

About 99.96% of shareholders gave a heads up to the restructuring.

Noble Group can now enter the final stages of its restructuring and start parallel schemes of arrangement in England and Bermuda, the company said.

According to an announcement, about 99.96% of the shareholders of Noble Group have approved a resolution for the restructuring during the company’s special general meeting, the company said.

About 98.6% of independent shareholders also approved a “whitewash resolution” for the waiver of their rights in order to receive a mandatory general offer for their New Noble shares from the senior creditor special purpose vehicle (SPV).

Chairman Paul Brough commented, “It is critical that we move to complete the restructuring as soon as possible, to enable the group to once again operate with a sustainable capital structure and to capitalise on the growing opportunities in the Asian commodities markets, to the benefit of all our stakeholders.”

Recently, the man behind Noble’s downfall, a former employee named Arnaud Vagner, confirmed his link to Iceberg Research which questioned the company’s accounting practices and the nature of the restructuring deal.