Noble Group extends key debt deadline

Noble Group extends key debt deadline

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.

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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