Noble’s perpetual bondholders fight back

Investors holding one of the shortest straws in Noble Group’s proposed distressed debt exchange fought back on Monday with a counterproposal they hope will improve the terms being offered to them.

Perpetual bond holders and a number of equity investors led by Abu Dhabi’s Goldilocks have been bitterly opposed to an in-principle deal Noble agreed at the end of January with an opposing group of senior creditors led by Varde Partners, Och-Ziff Capital and Taconic Capital.

Under the original proposal, Noble would reduce its $3.4 billion senior debt to $1.7 billion in return for giving senior creditors 70% equity ownership of the restructured group and...