Noble Group holds talks with stakeholders in survival bid

Noble Group holds talks with stakeholders in survival bid

Embattled Noble Group, a Hong Kong commodities trader, has commenced discussions with various stakeholders regarding potential options to address the company’s capital structure and liquidity position.

The discussions focus on managing the maturity of Noble’s borrowings.

During this process, the company said it will continue to prioritise near term liquidity, and will aim to continue to operate on a normal basis.

Earlier this week Splash reported how Noble Group had lost the support of another key bank, with Singapore’s DBS sellings its $60m stake in Noble’s $1.1bn revolving credit facility due in May next year. DBS has also closed some other financing to the company.

“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 earlier this week.

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.

Related Posts