Shareholders of Noble Group Ltd. approved its $3.5 billion debt restructuring plan, thereby saving the Asian commodities trader from insolvency.
Agreeing to a debt-for-equity swap, Noble’s shareholders will now be left with 20% ownership in the company. The majority ownership gets transferred to the firm’s creditors. According to Reuters, small shareholders were discontent with the plan as it reduced their ownership, but said they had little choice but to back the restructuring in order to ensure the company’s survival.