Noble to restructure as soon as possible after Bermuda court decision, Latest Business News - The New Paper

Noble to restructure as soon as possible after Bermuda court decision

This article is more than 12 months old

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.

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 on Friday.

The court decision will allow Noble to avoid liquidation after its preferred restructuring plan was dropped, Bloomberg reported.

Noble could emerge from restructuring as soon as this week after more than a year of hard-fought negotiations over its US$3.5 billion (S$4.8 billion) debt pile, Bloomberg said.

The firm said it will continue to have access to trade finance facilities, and payments to its customers and suppliers will continue to be made.

Noble has seen its market value all but wiped out over the past four years after its accounting was questioned by Iceberg Research in February 2015. - REUTERS