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Yancoal seeks to object over restructuring terms: Noble Group

Noble said that such a nature of objection raised by Yancoal is not uncommon in complex international restructurings.

IG Analyst

Publication date : 2018-10-10T03:18:05+0100

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Noble Group said on Wednesday it has been notified that coal supplier Yancoal Australia and certain of Yancoal’s affiliates intend to file objections to the constitution of classes and schemes under Noble’s restructuring plan.

Yancoal will be challenging the jurisdiction of the English courts, Noble said in a filing on the Singapore Exchange. Noble said that such a nature of objection raised by Yancoal is not uncommon in complex international restructurings.

“The board continues to strongly believe that the restructuring is in the best interest of all stakeholders, as evidenced by 99 percent of shareholders who voted in favour of the restructuring at the special general meeting held on 27 August 2018 and the approval of 88 percent of creditors,” Noble said in the statement.

The firm expects to issue an explanatory statement to scheme creditors on October 16. It has applied to the High Court of Justice of England and Wales and the Supreme Court of Bermuda for permission to convene the scheme meetings, and the hearings are scheduled to be on October 12 and 15, respectively.

The company will make additional announcements when there are further developments in relation to the proposed restructuring and/or the other matters contemplated by this announcement.

Noble owns a stake in Yancoal, a coal producer which is 78 percent owned by Yanzhou Coal Mining - a firm linked to the government of Shandong Province, China.

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