Noble Group, the once mighty commodity trader, completed its drawn out $3.5 billion debt restructuring to emerge as a smaller, unlisted Asia-focused coal-trading business.
The completed restructuring effectively closes the saga of Noble’s collapse from Asia’s biggest commodity trader with a market value of over $6 billion to less than $80 million that began in February 2015 when its accounting practices were questioned by Iceberg Research.
To bolster itself, Noble sold billions of dollars of assets, took hefty writedowns and cut hundreds of jobs, while defending its accounting.
"The completion of the company’s restructuring allows the company’s business to move forward under its new holding company, Noble Group Holdings Ltd," the company said in a statement to the Singapore Exchange (SGX).
Seventy per cent of the shares of Noble Group Holdings will be held by a so-called special purpose vehicle representing the previous company’s creditors.
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