Noble Group’s chairman is determined to avoid Lehman’s fate

(Sept 6): The Noble Group executive charged with restructuring the beleaguered commodity trader has no intention of getting embroiled in another bankruptcy.

After winning shareholder approval for the sale of its gas and power unit on Tuesday, Chairman Paul Brough, who oversaw the liquidation of Lehman Brothers’ assets in Asia, said Noble will likely find a buyer for its oil business by the end of the month and get an extension on a credit line beyond October. The company would then have the room to settle a repayment plan with its banks and avoid default, he said.

See: Noble Group in talks to extend US$2 bil credit facility deadline

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