What Noble founder's exit means for restructuring crunch

Richard Elman’s sudden departure from Noble Group on Wednesday may be the key to resolving disagreements over the company’s restructuring support agreement say investors.

In a statement to the Singapore Exchange, the group said the company’s founder was resigning as non-executive director and chairman emeritus with immediate effect.

Elman will, however, continue to maintain his 18.3% stake in the commodities trader, which is coming to the crunch point in its talks to garner enough creditor and shareholder support for a $3.5 billion restructuring deal.

One bond fund manager told FinanceAsia, “It suggests the move is about more than just Noble’s financial...