SINGAPORE, Jan 25 (Reuters) - Struggling commodities trader Noble Group Ltd is negotiating with creditors to restructure its debt and talks with them have been “constructive”, the company’s chairman said.
Speaking at a shareholders meeting in Singapore on Thursday, Paul Brough declined to confirm a media report that Noble had reached an agreement with its creditors to restructure about $3.5 billion in debt, but he said he hoped things were moving in the right direction.
Noble plunged into crisis in 2015 when Iceberg Research started questioning its accounts and triggered a share price collapse, credit downgrades and writedowns, as well as fund-raising and management changes. Noble has stood by its accounts.
Noble’s market value has fallen to just $268 million from the $6 billion it commanded in February 2015. (Reporting by Aradhana Aravindan; Writing by Anshuman Daga; Editing by Tom Hogue)