SINGAPORE (Reuters) – Noble Group (NOBG.SI), the once mighty commodity trader, on Thursday completed its drawn out $3.5 billion debt restructuring to emerge as a smaller, unlisted Asia-focused coal-trading business.
FILE PHOTO: Photo of Noble Group logo at investor event from August 2015
The completed restructuring effectively closes the saga of Nobles collapse from Asias 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 companys restructuring all…
Read the full article at: https://www.reuters.com/article/us-noble-group-debt/noble-group-completes-3-5-billion-restructuring-to-emerge-as-smaller-unlisted-firm-idUSKCN1OJ07R