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Noble Group extends restructuring deadline amid Singapore regulatory probe

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Noble Group extends restructuring deadline amid Singapore regulatory probe

Noble Group extends restructuring deadline amid Singapore regulatory probe
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Edgar Su(Reuters)
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(Reuters) - Embattled commodity trader Noble Group Ltd <NOBG.SI> is extending a deadline for debt restructuring to Dec. 11 from late November, it said on Sunday, amid an investigation by Singapore authorities into suspected false and misleading statements.

Noble, once Asia's top commodity trader, has seen its market value all but wiped out from $6 billion (£4.6 billion) in February 2015 after its accounting was questioned by Iceberg Research.

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To rescue itself, Noble has shrunk its business by selling billions of dollars of assets, taking hefty writedowns and cutting hundreds of jobs, while defending its accounting.

It is looking to transform into an Asia-focused coal-trading business following a $3.5 billion debt restructuring deal.

The company earlier this month said it had obtained the required approvals for the restructuring, including getting a go-ahead from courts and payment to creditors, apparently clearing the final hurdle to complete its controversial debt-for-equity swap.

(Reporting by Nikhil Subba in Bengaluru; Editing by Joseph Radford)

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