Battered Noble Group Seeks New Life as Smaller, Asia-Centric Business

Shares in Noble Group Ltd, once Asia’s top commodity trader, were suspended from trading from Monday, as the company seeks to transform into an Asia-focused coal-trading business following a $3.5 billion debt restructuring deal, Reuters reported. Singapore-listed Noble said last week it had obtained the required approvals, including getting a go-ahead from courts for its restructuring and payment to creditors, clearing the final hurdle to completing its controversial debt-for-equity swap. Under the lifeline provided by creditors, Noble is halving its debt, in return giving 70 percent ownership to the creditors, which are comprised mainly of hedge funds. The deal leaves existing equity holders with just 20 percent in the restructured firm. Sources familiar with the matter say Noble is expected to name a new board by end-November, and shares in the company, which will be called Noble Group Holdings, are expected to list in December. Read more

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