Noble edges towards liquidation as re-listing blocked

The company's creditors and shareholders are likely to suffer even bigger losses now the Singapore authorities have blocked a key part of its $3.5 billion debt-for-equity survival plan.
Singapore regulators have blocked Noble Group's debt restructuring plan
Singapore regulators have blocked Noble Group's debt restructuring plan

Noble Group's long-suffering creditors and shareholders have been dealt a potentially killer blow after the Singapore authorities blocked the re-listing plans of the former commodities trading kingpin.

Pushed closer to the brink of liquidation, Noble said on Friday that it intended to pursue an alternative to its original $3.5 billion debt restructuring plan.

In doing so, the Board, in discharging its fiduciary duties, may implement the Restructuring through a court-appointed officer, Noble said.

Although it remains unclear what shape this new restructuring will take, there is speculation that it might involve insolvency protection. Noble said as much in...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222