Noble Group Warns of Another Loss as Restructuring Costs Mount

Noble Group Ltd. warned of another quarterly loss, driven by restructuring and finance costs, as the embattled commodity trader moves toward completing a $3.5 billion rescue deal that’ll hand control to creditors, Bloomberg News reported. The net loss for the three months to September will be $90 million to $115 million, according to a filing on Monday. It expects to incur restructuring costs of about $35 million, after spending more than $100 million in the first half. Once Asia’s largest commodity trader, Noble Group’s crisis has escalated in recent years as losses and defaults mounted. Creditors gather on Nov. 8 to vote on its restructuring plan, which has been approved by shareholders. In addition to restructuring costs, the company highlighted a loss of $55 million from discontinued operations, including from assets disposed of several years ago as troubles intensified. Read more

Location