Noble Group skips paying bond coupon, says 'very close' to debt deal

SINGAPORE (Mar 12): Embattled commodities trader Noble Group has opted not to pay the coupon on a US$750 million ($986 million) bond, but said on Monday that it was "very close" to reaching final terms with a group of senior creditors over a proposed restructuring of its debt.

The company, which reported a US$4.9 billion loss for 2017, has been negotiating a US$3.4 billion debt-for-equity swap -- crucial to its survival -- after it sold billions of dollars of assets, took hefty writedowns and cut hundreds of jobs over the past three years.

"In reaching its decision not to pay the coupon, the Board consulted extensively with an ad hoc group of the group's senior creditors (the Ad Hoc Group) and took into consideration advice received from the group's legal and financial advisors," Noble said in a statement.

---

Related Stories

• Singapore wraps up Noble probe with $12.6 million civil penalty
• Don't forget the NOW sector
• Singapore's probe into Noble Group to conclude in 3Q, says MAS

---