Noble Group, the troubled Singapore-listed commodities trader, has been granted a four-month extension on a deadline to sell assets or find a white knight investor willing to recapitalise the company.
In a filing to the Singapore stock exchange on Tuesday morning, Noble said its banks had agreed to push back the deadline on a $2bn credit line by 120 days from June 20. The Financial Times had reported on Friday that banks were poised to throw Noble a lifeline.
Noble said it “continues to be in talks with potential investors concerning the sale of an interest in the Group or its subsidiaries or parts of its business.”
Noble also said it was still in talks with bankers about a revolving credit facility due May 2018, and that its major bankers in Europe, the US and Asia had hired legal and financial advisers “to enhance these discussions”. It also disclosed that it had informed holders of $400m in perpetual bonds that it had deferred payment due on June 26, in accordance with the terms of said coupon.
In addition, the group announced that independent non-executive director Peter James O’Donnell was stepping down from that role to take up an executive role as a special adviser on corporate strategy to the company’s chairman, effective immediately.
Singapore-listed shares in Noble closed Monday up 46.2 per cent after the Financial Times reported lenders were set to give the Hong Kong-based company until October to get its affairs in order. Those gains still left shares down 72.1 per cent during the year to date.