Singapore Court Blocks Noble Group Shareholder Meeting
Noble has other investor meetings due in next few weeks; but court decision could complicate restructuring process. A Singapore court blocked commodity trader Noble Group Ltd from holding its annual meeting of shareholders on Monday following legal action sought by dissident shareholder, Goldilocks Investment Co. Ltd.
Noble Amends Restructuring Plan, Scrambles for Shareholder Support
Noble's action on shareholders was criticised by SGX; Noble needs shareholders to support its restructuring. Bowing to criticism from the Singapore Exchange (SGX) and other investors, embattled Noble Group is removing a provision in its $3.4 billion debt restructuring proposal that penalised shareholders voting against the plan.
Noble Group Founder Resigns Due to 'Amicable Differences'
Noble Group Ltd said this week's resignation of its founder Richard Elman was due to "amicable differences" with the board and a group of senior creditors who are negotiating a debt restructuring that is crucial for its survival. The clarification, in response to a query from the Singapore bourse…
Noble Group Hopeful of Debt Restructuring Deal
Chairman says talks with bond holders and banks moving forward; hopeful of reaching a conclusion in near future. Struggling commodities trader Noble Group Ltd is having constructive talks with creditors to restructure its debt and is hopeful of a deal in the near future, the company's chairman said.
Noble Group to Exit Oil Trading: Sources
Trader exodus in London, Singapore; Vitol bought core of oil business based in Americas in Oct. Noble Group is closing down its London oil desk and winding down its Asia oil operations, sources familiar with the matter said, as heavy losses and high debt force what was once Asia's biggest commodities trader to restructure.
Noble Group sells Oil Unit to Vitol
Oil liquids unit to be sold for about $580 million. Struggling commodities trader Noble Group agreed to sell its Americas-focused oil trading business to Vitol for about $580 million as part of a debt-cutting strategy, and warned of a big loss for its third quarter. Monday's move came after Reuters reported late on Friday that Vitol…
Noble Group Reports $1.75 Bln Q2 Loss
Commodities trader Noble Group reported a second- quarter loss of $1.75 billion on Thursday, weeks after warning it faced its steepest quarterly loss in a year and a half and would slash jobs and sell assets to cut debt. Once Asia's largest commodities trading house, Noble…
At Noble Group, Staff Exits and Debt Increase Risks
Noble shares fall as much as 49 pct after overhaul plan. Noble Group is slimming down drastically to its core Asian coal-trading business, but that may not be enough to revive its fortunes due to a staff exodus, shrunken balance sheet and debts of more than $3 billion, analysts and industry sources say.
Sinochem No Longer Pursuing Stake in Noble Group
China's state-owned Sinochem is no longer pursuing an investment in Noble Group Ltd due to concerns over the finances and business outlook of the loss-making commodity trader, three sources familiar with the matter told Reuters. When it held talks with Noble earlier this year to buy a stake…
Noble Group's Shares Plunge, Elman Steps Down
Decline in shares is biggest on record. Noble Group Ltd reported a quarterly loss that pummelled its shares by a record 33 percent, stoking worries the Singapore-listed commodity trader was failing to recover from a crisis-wracked two years despite a deep restructuring.
Noble Group sells Calpine for $1.05 bln
Noble had flagged sale; part of strategy to raise funds. Singapore-listed commodities trader Noble Group agreed to sell its North American energy distribution unit to U.S. firm Calpine Corp for $1.05 billion, moving a step closer to completing a restructuring to raise $2 billion to help cut debt.
Noble Group Reports Loss, Restructuring Continues
Struggling Noble Group swung to a quarterly loss and flagged a debt reduction as the commodities trader shut some of its low-return businesses to help cope with a brutal commodities downturn and regain investor confidence. The Hong Kong-based company said it expects to…
Noble Group taps Morgan Stanley, HSBC to advise on NAES Sale
Singapore-based commodities trader Noble Group said on Monday it has hired Morgan Stanley and HSBC as advisors on the planned sale of its Noble Americas Energy Solutions (NAES) unit, targeting completion of the deal in the second half of the year. The company began the…
Noble Group Targets $500 mln cash call, Founder to Step Down
Chairman Richard Elman to step down within 12 months; moves comes just days after CEO quit. Noble Group is raising about $500 million from a deeply discounted share issue, cutting jobs and losing its Chairman Richard Elman who is stepping down, capping a tumultuous week for the embattled commodities trader.
Noble Group Chairman distanced from Audit
Elman steps down from audit, nominating committees; Noble gives no reason for changes. The chairman of Singapore-listed Noble Group Ltd has stepped down from the company's audit committee, in the first major move for the co-founder since the firm's accounting practices were called into question earlier this year.
Noble Group Open to Shedding Core Business Units
Noble Group is open to selling its core businesses, its chief executive said, as Asia's biggest commodities trader pursues options to boost market confidence after a bruising accounting dispute. Yusuf Alireza told some 500 attendees at the Singapore-listed company's investor…
'Crunch Time' for Noble Group
Noble to release PwC report on commodity contracts. Noble Group's investment grade credit rating is at stake when Asia's biggest commodities trader, which has been accused of poor accounting practices, releases the findings of an external report later on Monday on how it values some assets.
Noble Group Flags Potential Suitors
Noble says can fund $735 mln bond redemption due this week. Noble Group, Asia's biggest commodity trader, flagged potential support from strategic investors as it stepped up its campaign to reverse a dramatic plunge in its share price on concerns about its accounting practices.
