SINGAPORE, Jan 29 (Reuters) - Struggling commodities trader Noble Group Ltd said on Monday that it had reached an in-principle agreement with a group of senior creditors for a restructuring of its debt.
The in-principle agreement was reached with an ad hoc group of creditors representing about 30 percent of its senior debt instruments and will reduce Noble’s existing senior debt instruments to $1.7 billion from $3.4 billion, the company said in a statement.
Noble was once a global commodity trader with ambitions to rival the likes of Glencore and Vitol. Now it has shrunk to its Asian roots as a hard commodities player after a crisis-wracked three years forced it to slash jobs and sell its key assets - some at losses - to cut debt. (Reporting by Aradhana Aravindan; Editing by Gopakumar Warrier)