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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”.