Noble Group loses key bank support as DBS cuts lending

(Nov 13): Noble Group, the commodity trader fighting for survival, lost support from one of its key banks as Singapore’s DBS Group Holdings cut lending, according to a person with knowledge of the matter. Shares fell.

DBS sold its US$60 million ($82 million) stake in Noble’s US$1.1 billion revolving credit facility due in May next year, and also closed some other financing to the company, the person said, asking not to be named because the matter is private. It’s unclear whether the bank still has any remaining credit exposure to the trader.

The withdrawal by a core bank is the latest blow to Noble as it moves towards an all-but inevitable debt restructuring, battered by losses of more than US$3 billion so far this year. Noble and DBS declined to comment. The move by DBS to cut its exposure to Noble was first reported by Debtwire.

---

Related Stories

• Link REIT appoints Eng-Kwok Seat Moey as independent non-executive director
• Delfi to see continued margin pressure, analysts keep ‘hold’ and ‘add’ calls
• DBS blazes past $100 bil market cap, dominates banking and super big cap categories

---