Embattled commodity trader Noble Group is expected to start restructuring talks with its major lenders and creditors, as the sale of its US oil business fetched at a price a tad better than expected.
The Singapore-listed company said on Monday it would sell its American oil trading unit to Vitol, the world’s largest oil trader, for $1.4 billion, and receive cash proceeds of about $582 million after deducting debt of about $836 million.
However, the company also warned that it made a total net loss of $1.1 billion to $1.25 billion in the three months to September, citing non-cash losses and underlying trading results. In August,...
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