Richard Elman

Back from the brink: How Noble Group was saved from an Iceberg collision

(Sept 5): In May 2017, Paul Brough had just assumed the chairmanship of Noble Group and immediately faced a room full of angry bankers demanding their money back from the struggling commodity trader.

Mustering all his 25-plus years of experience as a restructuring specialist, Brough needed their support to keep the credit lines open that underpinned the operations of what had once been Asia’s biggest commodity trading house.

At the meeting in Amsterdam in late May, banks were shocked by a recently reported quarterly loss and were in no mood to keep supporting the company.

Noble Group's shareholders vote in favour of debt restructuring

(Aug 27): Embattled commodity trader Noble Group took a significant step toward getting its US$3.5 billion ($4.8 billion) debt-for-equity restructuring over the line after shareholders voted to back the controversial proposal at a special general meeting in Singapore.

The plan was approved by 99.96% of votes cast, according to figures from the company displayed at the meeting. Before the gathering, the trader had said about a third of its shareholders, including founder Richard Elman, were already committed to supporting the rescue.

'I was cheated' - tales from the collapse of a commodity giant

(Aug 26): Francis Tay feels cheated.

The former Singapore civil servant says he’s lost almost $50,000 in the implosion of Noble Group Ltd., the commodity trading giant. He also says shareholders like him have been let down by regulators whose job it is to protect them from the sort of crisis that’s brought the company to the brink.

Former Temasek director Michael Dee calls for forensic accountant to look into Noble

SINGAPORE (Aug 27): Shares in debt-laden commodities supplier Noble Group were up 33.9% in the week before a key vote on its restructuring. The Straits Times Index had gained 1.3% in the same period. Noble’s rebound may have been driven by Deutsche Bank’s offer to buy the company’s senior unsecured bonds at 45% of face value. Noble is currently in default of debt obligations worth US$3.5 billion ($4.8 billion), and in the absence of a successful restructuring will be required to seek insolvency protection or go into liquidation.

Richard Elman says won’t take up directorship at new Noble; Deutsche Bank confirms bid to buy bonds

SINGAPORE (Aug 20): Richard Elman, the founder of Noble Group, will not take up the position as an executive director of the embattled commodities trader after its restructuring.

Elman’s decision not to take up the position as previously announced was due to personal reasons, said the company in a stock exchange filing on Monday, and comes days ahead of a crucial shareholder vote on its planned US$3.5 billion ($4.8 billion) restructuring.

Noble Group plunges to record low as rescue deal is elusive

SINGAPORE (June 14): Shares of Noble Group, the commodity trader battling for survival, slumped to a record low as efforts to get shareholder agreement on a controversial US$3.5 billion ($4.7 billion) debt restructuring deal take longer than expected.

The stock traded at 5.2 cents on Thursday, for a loss of 74% this year, after touching an all-time intraday low of 5 cents a day earlier. Once Asia’s largest commodity trader, the company has seen its market value shrink to about US$50 million from more than US$10 billion in 2010.

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.

Goldman, hedge funds drawn into Noble's legal battles

SINGAPORE (Apr 30): Noble Group’s dissident shareholder Goldilocks Investment Co. listed a raft of hedge funds and banks, including Goldman Sachs Group Inc. and Deutsche Bank AG, as defendants in its legal battle against the commodity trader, as the fund presses on with a bid to stop its debt-for-equity swap.

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.

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

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