Noble faces up to insolvency as relisting hopes are dashed

Noble faces up to insolvency as relisting hopes are dashed

Embattled Asian commodities trading house Noble Group is being forced to contemplate an insolvency filing after authorities in Southeast Asia revealed they will block the restructured company from relisting on the Singapore Exchange.

The Monetary Authority of Singapore and Singapore Exchange regulators have concluded that “there are significant uncertainties about the financial position of New Noble,” in coming to their decision to block the restructured company from relisting.

Noble has seen its market value destroyed since its accounting practices were put under the spotlight by Iceberg Research in February 2015.

Noble’s delayed debt restructuring is meant to be completed next 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