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DBS ditches troubled Noble Group

DBS ditches troubled Noble Group

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Embattled Hong Kong commodities trading house Noble Group has lost the support of another key bank, Bloomberg is reporting today.

Singapore’s DBS has sold its $60m stake in Noble’s $1.1bn revolving credit facility due in May next year, and also closed some other financing to the company, a source told Bloomberg.

“The withdrawal by a core bank is the latest blow to Noble as it moves towards an all-but inevitable debt restructuring, battered by losses of more than $3 billion so far this year,” Bloomberg reported.

Noble slumped 8% on the Singapore Exchange to close on 23 Singapore cents today. Its share price has fallen 86% this year.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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