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Noble faces key deadlines as default threat looms

Bloomberg Published on Fri, Dec 08, 2017 / 8:22 AM GMT+8

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SINGAPORE (Dec 8): Noble Group Ltd., the embattled commodities trader, faces several significant deadlines as it wrestles with a US$3.5 billion debt restructuring.

Once Asia’s largest commodity trader, Noble’s decline since 2015 has been marked by losses, concern it won’t be able to pay its debt and accusations from long-time foe Iceberg Research that it inflated the value of some contracts. The next few weeks will be crucial, as Noble looks to push its debt restructuring through.

One focus is Dec. 20. Lenders had agreed to waive certain rights under terms Noble committed to for its US$1.1 billion revolving credit facility until that day. That means the company may need to reach a deal with creditors by then to avoid a default, or seek another extension.