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ISDA Gives Its Verdict On Noble Group CDS

The International Swaps and Derivatives Association (ISDA) committee tasked with making a ruling on the tussle over Noble Group’s credit-default swaps has issued a verdict that could halt attempts to settle the derivatives contracts bilaterally, the Fi ...

Daily Headline - global.abi.org - 09/19/2017 - 22:43 - 0 comments

Noble Shortlists Bidders for $1 Billion Oil Business

Commodity merchants Vitol and Mercuria are on the shortlist to buy Noble Group’s $1bn Americas-focused oil business as the debt-laden trading company scrambles to pay down debt to avoid bankruptcy, the Financial Times reported. Noble has asked the sh ...

Daily Headline - global.abi.org - 09/10/2017 - 17:41 - 0 comments

Noble Default-Swap Verdict in Play as Test of ISDA System

Pressure is building on an International Swaps & Derivatives Association panel of investors and bankers to end Noble Group Ltd.’s credit-default swap impasse, Bloomberg News reported. ISDA’s determinations committee will meet Wednesday to reconsider ...

Daily Headline - global.abi.org - 09/05/2017 - 23:23 - 0 comments

Embattled Noble Group Expects to Sell Oil Business This Month

In a related story, the Financial Times reported that struggling commodity trader Noble Group said it expects to find a buyer for its global oil business this month, as it continues to shrink its operations in a bid to stave off defaulting on its deb ...

Daily Headline - global.abi.org - 09/05/2017 - 23:24 - 0 comments

ISDA Expected to Address Chaos Over Noble CDS on Wednesday

The International Swaps and Derivatives Association (ISDA) said it will publish a statement on Wednesday addressing the widespread confusion around Noble Group’s credit-default swaps, which has pitted the world’s biggest investment banks against each oth ...

Daily Headline - global.abi.org - 08/29/2017 - 18:01 - 0 comments

Noble Group's Net Debt Balloons as Constraints Hurt Trading

Noble Group Ltd.’s net debt surged by almost $1 billion over the first six months as trading losses and constrained access to funds heaped further pressure on the commodity trader as it battles for survival, Bloomberg News reported. Net debt expanded $94 ...

Daily Headline - global.abi.org - 08/10/2017 - 22:25 - 0 comments

Dalian Wanda Reshuffles $1 Billion of Assets

Chinese property tycoon Wang Jianlin has embarked on a big asset reshuffling within his empire to reduce the leverage of Dalian Wanda’s listed arm as regulators increase the pressure on acquisitive dealmakers to cut debt, the Financial Times reported ...

Daily Headline - global.abi.org - 08/10/2017 - 22:26 - 0 comments

Cosco/OOIL: Banking on an Upturn

Hong Kongers are generally reluctant to relinquish control to Beijing. But a cash offer at a 31 per cent premium to Friday’s closing price convinced the family of the territory’s former chief executive, Tung Chee-Hwa, to sell its 68 per cent stake in Ori ...

Daily Headline - global.abi.org - 07/10/2017 - 22:04 - 0 comments

Noble Seeks Debt Waiver From Lenders

Noble Group, the Hong-Kong based commodity trader, has asked lenders to waive a debt covenant tied to a $1.1bn credit line that matures next year while it continues work on a plan to recapitalise the business, the Financial Times reported. Noble want ...

Daily Headline - global.abi.org - 07/06/2017 - 22:12 - 0 comments

Isda to Decide Whether Noble Loan Extension Will Trigger CDS Payout

The International Swaps and Derivatives Association (Isda) will meet on Thursday to decide whether an extension of one of Noble Group’s loan facilities will trigger a payout on credit-default swaps (CDS) linked to the struggling commodities trader, the ...

Daily Headline - global.abi.org - 06/20/2017 - 21:33 - 0 comments

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