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Noble seeks Chapter 15 protection in New York

It has emerged that last week embattled Hong Kong commodities house Noble Group sought Chapter 15 bankruptcy protection at a court in New York in a bid to shield its assets from creditors while it pursues a $3.5bn debt restructuring plan.

Noble is asking a hearing to be scheduled on November 16 in New York.

Under Noble’s revised restructuring deal, shareholders will receive 20% of the equity in the new restructured company, which will form a strategic partnership with the parent company of shareholder Goldilocks, Abu Dhabi Financial Group.

Once Asia’s largest commodities group Noble has been rocked by allegations of accounting fraud in the last couple of years.

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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