KISH Resources is to be rechristened Nobel Resources as part of the major restructuring which sees the group's debtors convert part of their debts into cash and which will see the British investment company Waterford Investments take a major stake.

Creditors have agreed to convert liabilities of £403,000 into 40.3 million new Kish shares while Waterford will convert its own loan of £250,000 into 25 million new shares. Waterford has also agreed to underwrite a placing of a further 25 million new shares at 1p each to raise £250,000. Various creditors have agreed to release Kish from further debts of £809,557.

Kish already has 80 million shares in issue, and the holders of these shares will end up with just under half the shares in the restructured company.

Kish is looking at natural resources investments and as soon as an appropriate business is found, the group will look to have its share relisted on the Irish Stock Exchange.