Breakthrough deal reached between Goldilocks and Noble after months of feuds
The two parties will drop all claims against each other, with Noble Group paying Goldilocks as much as $5m to cover its legal costs
Embattled commodity trader Noble Group reached a deal with dissident shareholder Goldilocks Investment over its planned $3.5bn debt restructuring, agreeing to boost the holding in the new company that stock investors stand to get. The shares surged. Existing shareholders will now receive 20% of the revised company, up from 15%, according to an exchange statement on Wednesday. In addition, the two parties will drop all claims against each other, with Noble Group paying Goldilocks as much as $5m to cover its legal costs. The deal marks a breakthrough after months of increasingly bitter public sparring between Noble Group and Goldilocks, and helps pave the way for a restructuring that will see control handed to senior creditors. Goldilocks has given its irrevocable support to the revised agreement, which already has the backing of founder Richard Elman. Noble and Goldilocks will form a partnership to explore opportunities in the Middle East, according to the statement. "This absolutely...
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