Brayan Lai on Bloomberg (Noble Group Says Rescue Is Done as Singapore Probe Drags On)
Noble Group Ltd. finally completed its mammoth debt-for-equity restructuring, handing control of its assets to creditors as Singapore regulators continue to probe the commodity trader and its officers for possible breaches of the law.
After its preferred rescue plan was blocked by Singapore’s refusal to let it relist in the city-state, Noble pursued its Plan-B in Bermuda, where a court appointed an officer to carry out a kind of insolvency process. Under the plan, so-called New Noble Group assumes all of the company’s assets, new bonds have been issued and $800 million in new financing has been made available.
The revamp is the culmination of Chairman Paul Brough’s epic battle to rescue the beleaguered company after years of crisis that brought it to the brink of bankruptcy. The focus now shifts to whether management can turn New Noble around while its core business and some key personnel face the scrutiny of Singapore’s regulators.