Noble Group flags over $1.7 bln loss in Q4

Galtero Lara
Febrero 19, 2018

Last month, Noble announced a deal with creditors to restructure $3.5 billion of its debt for 70 percent of the company, with existing equity holders' combined stake diluted to only 10 percent.

Noble Group Ltd (NOBGF.PK), a Hong Kong-based commodities trader, warned Monday that it sees a fourth-quarter net loss of up to $1.93 billion.

Noble also said it had reached an agreement in principle with a group of senior creditors and ING for the provision of a three-year committed $700 million trade finance facility, as part of a restructuring of the group's existing debts.

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"Following a challenging 2017, we are looking forward to the final phase of our restructuring, and the creation of a new Noble as a focused and appropriately financed group set to capitalize on the high-growth Asian commodities sector", said Paul Brough, a restructuring specialist who took over as Noble's chairman past year.

The total net loss for the year ended December 31 is expected to be in the range of $4.78 billion to $4.98 billion, the company said in a statement.

The Ad Hoc Group's advisers were in contact with creditors who held about an additional 15 percent of Noble's senior debt instruments and had indicated their road support for a restructuring.

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