Hong Kong-based commodities giant Noble Group said in a release today it has extended a key debt deadline and is now in “constructive” talks with potential investors. However, the embattled company also pushed back the $12m payment of a coupon on a $400m bond.
Noble, which has sold many assets over the past two years, said today it could sell more and cut costs further to boost liquidity. Among assets that it could offload are a fleet of dry bulk vessels.
Noble was once one of the world’s top 100 companies in terms of revenues but has been hit hard by the slump in commodities prices in recent years as well as facing severe criticism for its accounting practices.