Noble says to push forward with restructuring after Bermuda court order
SINGAPORE (Reuters) - Noble Group said on Friday it will take steps to complete its restructuring as soon as possible after a Bermuda court appointed an officer to facilitate the process. This follows a move by Singapore authorities last week barring Noble from re-listing the restructured company, dubbed New Noble, on the SGX stock exchange because of allegations of improper accounting.
SINGAPORE (Reuters) - Noble Group
This follows a move by Singapore authorities last week barring Noble from re-listing the restructured company, dubbed New Noble, on the SGX stock exchange because of allegations of improper accounting.
A previous statement, sent by Noble to creditors earlier this week and seen by Reuters, said the firm was applying for the appointment of "light touch provisional liquidators" in Bermuda.
"The company and the court-appointed officer will take steps to complete the restructuring as soon as possible," the company said in a statement late Friday, adding it anticipated the restructuring effective date will occur on December 19.
The firm said its day-to-day operations will not be affected, it will continue to have access to trade finance facilities, and payments to its customers and suppliers will continue to be made.
Noble, once Asia's biggest commodity trader, has seen its market value all but wiped out from $6 billion over the past four years after its accounting was questioned by Iceberg Research in February 2015. Noble has sold billions of dollars of assets, taken hefty writedowns and cut hundreds of jobs, while defending its accounting.
(Reporting by John Geddie; editing by Diane Craft)
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