Noble adopts Bermuda plan to square off its restructuring process

Noble adopts Bermuda plan to square off its restructuring process

Noble Group has outlined how it intends to pursue an insolvency process in Bermuda on Thursday as a way to getting its restructuring fixed after authorities in Singapore barred it from relisting on the local stock exchange.

The troubled Hong Kong-based commodity trader will apply seek for a provisional liquidator to be appointed in Bermuda as part of an alternative way of getting its tricky reorganisation approved.

Noble said yesterday it now expects its restructuring to be approved by a later than planned date of December 18.

Noble warned that should its Bermuda plan fail it would be “forced to enter into a full liquidation process”.

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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