Paul Brough

Six burning questions Iceberg wants Noble Group to answer at 1Q18 conference call

SINGAPORE (May 15): Noble Group, the commodity trader battling for survival after losing almost $5 billion in 2017, will report 1Q18 earnings on Tuesday after market close.

Iceberg Research, the stock research outfit that first raised questions about Noble's accounting methods three years ago, has put up six questions on its website for Noble’s management to answer at the conference call following the results announcement.

Singapore reputation seen at risk as Noble Group fight rages

SINGAPORE (Apr 24): Noble Group dissident shareholder Goldilocks Investment Co. says the Singapore regulator’s handling of the trader’s drawn-out battle for survival is being closely followed by overseas investors, highlighting the importance of the case for the city-state’s reputation as a financial hub.

Goldilocks says working on alternative plan to keep Noble afloat

SINGAPORE (Apr 20): Goldilocks, which owns 8% of Noble Group, says it is working on an alternative plan with other investors to keep the embattled commodities firm afloat.

The Abu Dhabi-based investment fund says a specific proposal is currently being developed that will be shared with all stakeholders.

The plan "can preserve value for shareholders and ensure long term and sustainable survival of Noble, a one-time Asian trading powerhouse" says Goldilocks, without revealing any more details about the plan.

Noble Group amends restructuring plan as it races to get shareholder support

SINGAPORE (Apr 19): Bowing to criticism from the Singapore Exchange (SGX) and other investors, embattled Noble Group is removing a provision in its US$3.4 billion ($4.5 billion) debt restructuring proposal that penalised shareholders voting against the plan.

See: Noble Group sweetens debt restructuring deal, gets founder's backing

Noble chairman pleads for shareholder support to stay afloat

SINGAPORE (Apr 19): Noble Group is currently in default on US$3.4 billion ($4.5 billion) of its financial debt obligations and the group can only survive with the support of its creditors, says chairman Paul Brough in an open letter to shareholders on Wednesday.

See: Noble Group sweetens debt restructuring deal, gets founder's backing

Noble Group sweetens debt restructuring deal, gets founder's backing

SINGAPORE (Apr 16): Noble Group improved the terms of its controversial $3.4 billion debt restructuring deal and won the support of its biggest shareholder as the commodity trader seeks to complete the vital transaction.

Singapore-listed Noble's debt-for-equity swap has already won the backing of more than 83% of the holders of its senior debt but it also needs a majority of its shareholders to approve the restructuring.

Noble Group sued by top investor as trader defaults on debt

SINGAPORE (Mar 21): Noble Group is being sued by one of its top shareholders in a fresh blow to the embattled commodities trader as it defaults on debt obligations.

Goldilocks Investment Co. filed a lawsuit Tuesday in the Singapore High Court against the company and executives, including founder Richard Elman, alleging the trader inflated profits to raise money, according to a copy of the writ of summons seen by Bloomberg.

Noble reaches in-principle deal to restructure debt; Iceberg urges creditors to reject

SINGAPORE (Jan 29): Noble Group reached an in-principle deal to restructure US$3.5 billion ($4.6 billion) in debt, saving the troubled commodity trader from bankruptcy at the cost of handing control to creditors and all but wiping out current shareholders.

After a three-year crisis marked by massive losses, writedowns and controversial accounting, Noble management, bank creditors, and bondholders reached an agreement that will convert half of the debt -- roughly US$1.7 billion -- into new equity, the company said on Monday.

Noble Group’s loan deadline looms amid restructuring talks

SINGAPORE (Dec 20): Noble Group Ltd., the embattled commodities trader, faces a key deadline on Wednesday that could complicate its negotiations with creditors as it wrestles with a US$3.5 billion debt restructuring. 

Lenders had agreed to waive certain rights under terms Noble Group committed to for its US$1.1 billion revolving credit facility until Dec. 20. The company is talking to creditors about a restructuring that includes a debt-for-equity swap, according to people familiar with the negotiations. The big question is whether lenders will agree to extend the waiver.

Noble shares hit fresh lows on reports DBS pulling back exposure

SINGAPORE (Nov 13): Shares in Noble Group hit new lows on media reports DBS has pulled back on its exposure to the embattled Singapore commodities firm.

Shares fell 7.4% Friday after near 2% drop on Wednesday and Thursday. They are down another 8% on Monday to 23 cents from a year high of $2.75 in February.

In 3Q, Noble, the troubled commodity trader, sunk into deeper net losses of US$1.17 billion ($4.2 billion) from restated net losses of US$28.4 million a year ago.

Revenue fell 18% to US$1.46 billion from restated US$1.79 billion.

Be informed of the stories that matter