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MarketScreener Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  Noble Group Limited    NOBG   BMG6542T1190

NOBLE GROUP LIMITED

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Noble : Restructuring for Noble

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12/31/2018 | 05:59am EDT

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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(c) 2018 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
HAITONG SECURITIES COMPANY -0.22% 13.81 End-of-day quote.45.34%
NOBLE GROUP LIMITED 6.50% 0.131 End-of-day quote.0.00%
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Managers
NameTitle
William James Randall Chief Executive Officer & Executive Director
Paul Jeremy Brough Independent Non-Executive Director
Neil Dhar Chief Operating Officer
Paul Alan Jackaman Group Chief Financial Officer
Benjamin Bao Non-Executive Director
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