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05-03-2018, 12:33 PM
Noble Paid Its Co-CEO $20 Million as Losses Hit $5 Billion
By Jack Farchy and Javier Blas
March 5, 2018, 5:00 AM GMT+8 Updated on March 5, 2018, 10:48 AM GMT+8
Noble Group Ltd. handed its outgoing co-Chief Executive Officer Jeff Frase a remuneration package worth about $20 million last year, even as the commodity trader slumped to a record loss of almost $5 billion.
The scale of the award, reported in Noble’s annual financial statements last week, is likely to provoke consternation as the embattled trading house attempts to secure agreement from its creditors and shareholders for a restructuring plan that would impose heavy losses.
The remuneration is more than the $15 million than Noble has offered to pay holders of its perpetual bonds, which have a face value of $400 million. Under the current debt restructuring plan, perpetual bondholders, which rank below other debt securities, will suffer a 96.25 percent loss in face value.
More details in https://www.bloomberg.com/news/articles/...-5-billion
By Jack Farchy and Javier Blas
March 5, 2018, 5:00 AM GMT+8 Updated on March 5, 2018, 10:48 AM GMT+8
Noble Group Ltd. handed its outgoing co-Chief Executive Officer Jeff Frase a remuneration package worth about $20 million last year, even as the commodity trader slumped to a record loss of almost $5 billion.
The scale of the award, reported in Noble’s annual financial statements last week, is likely to provoke consternation as the embattled trading house attempts to secure agreement from its creditors and shareholders for a restructuring plan that would impose heavy losses.
The remuneration is more than the $15 million than Noble has offered to pay holders of its perpetual bonds, which have a face value of $400 million. Under the current debt restructuring plan, perpetual bondholders, which rank below other debt securities, will suffer a 96.25 percent loss in face value.
More details in https://www.bloomberg.com/news/articles/...-5-billion
Specuvestor: Asset - Business - Structure.