Noble extends restructuring deadline to Dec 11 amid probe by Singapore authorities

Noble Group Ltd. signage sits on display outside during an investor day in Singapore, on Monday, Aug. 17, 2015. Photographer: Nicky Loh/Bloomberg

Noble Group Ltd is pushing back this month’s deadline to complete its make-or-break $3.5 billion debt restructuring deal to Dec. 11, amid a probe by Singapore authorities into suspected false and misleading statements issued by the company.

Noble, once Asia’s top commodity trader, has seen its market value all but wiped out from $6 billion in February 2015 after its accounting was questioned by Iceberg Research. To save itself, Noble has shrunk its business by selling billions of dollars of assets, taking hefty writedowns and cutting hundreds of jobs, while defending its accounting.

Singapore-listed Noble said it had made good progress towards completing the restructuring but the timeline had been delayed “due to the additional time required to fully address all concerns of the regulators,” it said in a statement to the Singapore bourse late on Sunday.

As part of its overhaul, Noble had planned to list its smaller Asian-centric thermal coal business but this was thrown into doubt last week after a joint investigation announced by the Commercial Affairs Department (CAD) of the Singapore Police, the Monetary Authority of Singapore (MAS), the city-state’s central bank, and the Accounting and Corporate Regulatory Authority (ACRA).

Noble said it had agreed with its main creditors and banks to extend the restructuring deadline and aims to complete it by no later than Dec. 11.

The company, whose shares were suspended from trading from Nov. 19 due to the restructuring, reiterated that it was co-operating fully with the authorities in their investigation.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.