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Major Noble Group Shareholder Sues to Block Restructuring

One of Noble Group’s largest shareholders is suing the troubled commodity trader in a last-ditch bid to stop its chairman pushing through a controversial restructuring, the Financial Times reported. Abu Dhabi-based Goldilocks Investment, which took a ...

Daily Headline - global.abi.org - 04/26/2018 - 01:06 - 0 comments

Noble Restructuring in Doubt as Founder Pushes for New Deal

Richard Elman, the founder and largest shareholder of Noble Group Ltd., is pushing the embattled commodities trader’s creditors for a new restructuring deal, according to people familiar with the matter, casting fresh doubt on the survival of the company ...

Daily Headline - global.abi.org - 04/09/2018 - 22:13 - 0 comments

Noble Group Woos More Creditors in Restructuring Plan

Noble Group Ltd said on Wednesday that creditors holding the majority of its senior debt now accept its $3.4 billion restructuring plan, Reuters reported. The beleaguered commodity trader said support for the deal, seen as critical for the firm’s surviva ...

Daily Headline - global.abi.org - 03/27/2018 - 22:38 - 0 comments

Noble Group Says Board to Seek Insolvency Protection if Restructuring Fails

Noble Group Ltd warned on Monday that it would begin insolvency proceedings if the beleaguered commodity trader’s $3.4 billion debt restructuring proposal was not approved by shareholders, Reuters reported. Noble’s debt restructuring process is seen as c ...

Daily Headline - global.abi.org - 03/26/2018 - 21:15 - 0 comments

Noble Group Founder Distances Himself From Debt Deal in New Blow

Richard Elman, the 77-year-old founder and largest shareholder of Noble Group Ltd., quit due to "differences of opinion" with the firm’s board and creditors over its future, in a fresh blow to the trading house’s attempts to push through a mass ...

Daily Headline - global.abi.org - 03/25/2018 - 23:18 - 0 comments

Noble Group Sees Debt Restructuring as Only Option for Bondholders

Noble Group Ltd said more creditors backed its debt restructuring agreement, making it difficult for those who opposed the deal to try and wind up the company, after it defaulted on a $394 million bond that matured this week, Reuters reported. The Singap ...

Daily Headline - global.abi.org - 03/22/2018 - 20:50 - 0 comments

The Cost of Noble's Restructuring Is Likely to Top $100 Million

The cost of Noble Group Ltd.’s restructuring is likely to top $100 million, another financial burden for the cash-strapped commodities trader that has defaulted on its bonds, Bloomberg News reported. The estimated price tag for advisers and other expense ...

Daily Headline - global.abi.org - 03/20/2018 - 22:26 - 0 comments

Noble Group Braces for First Bond Default as Pressure Mounts

Noble Group Ltd. is racing against time to garner enough votes for a debt restructuring plan after its decision not to pay a $379 million bond due Tuesday sets it on course for its first note default, Bloomberg News reported. The failed payment is set to ...

Daily Headline - global.abi.org - 03/18/2018 - 23:08 - 0 comments

Shareholder Goldilocks Hits Out at Noble’s New Restructuring Proposal

One of the biggest shareholders in Noble Group has attacked its new debt restructuring proposal, which it says will reward the company’s “errant and undeserving management”. Cranking up the pressure on the stricken commodity trader, Goldilocks Investment ...

Daily Headline - global.abi.org - 03/16/2018 - 01:11 - 0 comments

Noble Group Paid $20 Million to Retain Oil Traders Last June

Noble Group Ltd., the embattled commodity trader seeking to secure investor support for a major debt restructuring, paid $20 million in retention payments to senior staff at its U.S. oil and gas business last June, Bloomberg News reported. The company re ...

Daily Headline - global.abi.org - 03/14/2018 - 21:18 - 0 comments

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