Noble Group Prepare for U.K. Insolvency Procedure

Noble Group Ltd. is preparing for an insolvency filing after Singaporean regulators blocked a key element of its $3.5 billion debt restructuring, according to people familiar with the matter. The company is considering what’s known as a "pre-pack" administration, a procedure that allows for a debt restructuring in court through a pre-agreed plan with creditors, one of the people said, asking not to be identified because the talks are private, Bloomberg News reported. Noble said in a circular in August that the alternative restructuring, or Plan B, would involve filing for administration in the U.K. It is still considering different jurisdictions for the filing, including Hong Kong, Bermuda, and Singapore, according to one of the people. The plans are still under discussion and could change. The discussions come after Singaporean regulators said they wouldn’t allow Noble to relist as a new entity, effectively blocking an intricate debt restructuring plan that has been more than a year in the making. Read more