Noble Group Hit by Regulatory Probe, Days Before Closing $3.5 Billion Restructuring Deal

Singapore authorities are investigating Noble Group Ltd for suspected false and misleading statements, just days before the Singapore-listed company was to complete its $3.5 billion debt restructuring deal to prevent its collapse, Reuters reported. Noble, once Asia’s top commodity trader, has seen its market value all but wiped out from $6 billion in February 2015 after its accounting was questioned by Iceberg Research. To rescue itself, Noble has shrunk its business by selling billions of dollars of assets, taking hefty writedowns and cutting hundreds of jobs, while defending its accounting. The company, whose shares were suspended from trading from Monday due to the restructuring, is seeking to transform into an Asia-focused coal-trading business and list the overhauled business. Read more