Noble Group Gets Debt Lifeline
By Aiswarya Lakshmi
Tuesday, June 20, 2017
The striggling commodities giant Noble Group has secured a 120-day extension for its USD 400 million credit facility from June 20, 2017.
According to Reuters, Noble Group, has over 100 vessels on charter, confirmed that its lenders had agreed to push back a repayment deadline by four months and said it continued to be in talks with potential investors about the sale of an interest in the company or parts of its business.
The company had persuaded banks to extend the $2 billion credit line, due to be rolled over by the end of this week, but it was asked to find a strategic investor, a person familiar with the matter told Reuters.
The company was one of Asia’s biggest commodity traders before it was hit by the downturn in the sector and questions about its accounting. Noble group has been fighting for survival for several years now. The company says it is focusing on its liquidity.