Noble Group says Jeffrey Frase Resigns as co-CEO
Beleaguered commodities trader Noble Group said on Monday that Jeffrey Frase resigned as co-chief executive officer (CEO) and global head of oil liquids. William Randall, who served alongside Frase as co-CEO, will assume the role of chief executive, the company said in a statement. Randall and Frase were appointed as co-CEOs in May 2016 after the resignation of Yusuf Alireza as chief executive of the Singapore-listed company.
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. The sale of Noble Americas Energy Solutions (NAES) includes repayment of working capital of about $248 million, Noble said in a statement.
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 complete this restructuring by the end of the year and highlighted the formal sale process of its U.S. retail energy unit.
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 sale process for San Diego-based electricity supplier NAES on May 30 when it had also announced that its Chief Executive Officer Yusuf Alireza quit.
Noble Group Obtains $3 Bln Credit Facilities, Q1 Profit Falls
Noble Group finalized $3 billion in bank credit facilities, a crucial move for Asia's biggest commodity trader to refinance all of its debt for this year after being whacked by credit rating downgrades. It reported a 62 percent fall in quarterly net profit, hit by tight credit conditions. Noble is trying to shore up investor confidence following Standard & Poor's and Moody's cutting…
S&P cuts Noble Group to Junk
Standard & Poor's (S&P) cut its credit rating on Noble Group to junk on Thursday, adding to concerns about financing costs for Asia's biggest commodity trader a week after a similar downgrade by Moody's Investors Service. "We downgraded Noble because the company's liquidity is below what we expect for a strong liquidity position, despite the sale of its agricultural unit," S&P credit analyst Cindy Huang said in a statement and cut the company's rating to BB+ from BBB-.
Moody's Cuts Noble's Rating to Junk
Moody's says has concerns over company's liquidity. The chief executive of embattled commodity trader Noble Group Ltd defended its financial position after what it called an "unexpected" move by Moody's Investors Service to cut its credit rating to junk status, slamming its stocks and bonds. The one-notch cut to a Ba1 rating by Moody's, which said on Tuesday it had concerns over Noble's liquidity…
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 information day on Monday that Noble is evaluating a number of options both internally in terms of shutting down certain businesses, and externally such as working with banks and strategic investors.
Top Trading Houses Weigh in on Energy
Top executives from the world's largest trading houses discuss trends in commodities trading at the FT Commodities Global Summit in Lausanne, Switzerland, this week. Said Trafigura had recently increased its exposure to Russia but in line with U.S. and EU sanctions. "We have been in Russia historically. We have increased activity of late because based on commercial business we have seen a niche and obviously (operate) within the sanctions.
Noble, EIG Launch $2b Energy Venture
Asian commodity trader Noble Group Ltd has joined forces with U.S. private-equity firm EIG Global Energy Partners to launch a new venture aiming to snap up $2 billion in global energy assets. Harbour Energy Ltd will be helmed by former top Royal Dutch Shell Plc executive Linda Cook, the companies said, with EIG and the new firm's management team overseeing cash raising and acquisitions, with Noble responsible for marketing and logistics.
Noble Strikes Second Private Equity Deal
Global commodity trader Noble Group Ltd has joined forces with a private equity group to set up an energy investment fund run by a former Royal Dutch Shell executive, its second such arrangement in a year. Noble and EIG Global Energy Partners are creating Harbour Energy, the latest deal to combine commodity merchants' trading savvy with the financial power of private equity. Linda Cook…
