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.