The Lex Column
Shrivelled commodity trader Noble Group insists that it will be able to survive and thrive just as soon as it restructures its debts and gains access to cheap trade finance. Both are now within reach. But heavy losses in 2017 should cast doubt on the merits of saving “new Noble”.
The Singapore-listed group’s plan to stave off insolvency involves a debt-for-equity swap that will halve its $US3.4bn outstanding senior debt and hand control over to creditors. The ultimate goal is to draw a line under the losses and write-offs, not to mention controversial sales and accounting techniques, of the last three years.
Securing a three-year $US700m trade finance facility from ING will he…
Read the full article at: http://www.afr.com/markets/its-business-as-abnormal-at-noble-group-20180220-h0wcq3
