SINGAPORE: Noble Group , the once mighty commodity trader, on Thursday (Dec 20) completed its drawn out US$3.5 billion debt restructuring to emerge as a smaller and unlisted Asia-focused coal-trading business.
"The completion of the company's restructuring allows the company's business to move forward under its new holding company, Noble Group Holdings Ltd," the company said in a statement to the Singapore Exchange (SGX).
Advertisement[h=3]READ: Noble Group under investigation for suspected false statements, breaching disclosure requirements[/h]Noble's debt-for-equity restructuring plan has been in the works for nearly two years but was thrown into disarray after Singapore authorities said last month they were investigating the company for suspected false and misleading statements, as well as breaches of disclosure requirements under the Securities and Futures Act.
On Dec 6, Singapore's central bank and exchange regulator barred Noble Group from transferring its listing status to New Noble as proposed under its restructuring plan.
[h=3]READ: Noble Group says to push on with restructuring despite regulatory probe[/h] AdvertisementAdvertisementNoble Group has seen its market value all but wiped out from US$6 billion in February 2015 after its accounting was questioned by Iceberg Research.
To rescue itself, Noble has shrunk its business by selling billions of dollars worth of assets, taking hefty writedowns and cutting hundreds of jobs, while defending its accounting.
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