Noble extends restructuring deadline following probe

(Nov 26): Noble Group extended the deadline for its marathon restructuring until Dec 11 to address regulators’ concerns, a week after Singaporean authorities began an investigation into the embattled commodity trader’s finances.

The company on Sunday moved the deadline for the US$3.5 billion ($4.8 billion) debt restructuring back by two weeks. Noble said that Singapore’s Securities Industry Council extended a key waiver to allow the deadline to be pushed back. That’ll be taken as a positive sign by investors, suggesting that the Singaporean authorities aren’t intent on preventing the restructuring from taking place.

The waiver is necessary for the deal to go ahead without creditors, who will control the company, being forced to make a buyout offer for its shares.

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