SINGAPORE (Dec 20): Noble Group, the once mighty commodity trader, on Thursday completed its drawn out US$3.5 billion ($4.8 billion) debt restructuring to emerge as a smaller, unlisted Asia-focused coal-trading business.

The completed restructuring effectively closes the saga of Noble’s collapse from Asia’s biggest commodity trader with a market value of over US$6 billion to less than US$80 million that began in February 2015 when its accounting practices were questioned by Iceberg Research.

To bolster itself, Noble sold billions of dollars of assets, took hefty writedowns and cut hundreds of jobs, while defending its accounting.

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