Noble completes restructuring

Noble completes restructuring

Asian commodity trader Noble Group has completed its restructuring and is now under a new holding company called Noble Group Holdings Limited (New Noble).

The company spent much of this year getting creditors to agree the complex restructuring. The company has been brought low by accounting fraud allegations first reported by Iceberg Research in 2015 which have seen hundreds of millions of dollars wiped off its market cap.

The company’s chairman, Paul Brough, a restricting expert brought in to save the group, commented today: “It has been a long, and at times difficult, journey. However, throughout this journey I kept my conviction in the company’s underlying business and people, both of whom have been unbelievably resilient.”

Brough is set to step down soon. The New Noble will be led by the current CEO, Will Randall.

Joseph Swanson, senior managing director at Houlihan Lokey, the financial advisor to the company’s ad hoc group of creditors,) commented: “The restructuring of the Noble Group is a landmark transaction in the region and a tremendous accomplishment for all those involved. Between the new $800m trade finance and hedging facilities and a substantial deleveraging of the balance sheet, New Noble is well positioned to play a leading role in the Asian hard commodities business going forward.”

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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