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Noble Group says rescue is complete as Singapore probe drags on

The embattled commodity trader has finally completed its massive debt-for-equity restructuring at a Bermuda court. Singapore regulators continue to probe the company and its executives.

Photo: Bloomberg

Noble Group Ltd. finally completed its mammoth debt-for-equity restructuring, handing control of its assets to creditors as Singapore regulators continue to probe the commodity trader and its officers for possible breaches of the law.

After its preferred rescue plan was blocked by Singapore's refusal to let it relist in the city-state, Noble pursued its Plan-B in Bermuda, where a court appointed an officer to carry out a kind of insolvency process. Under the plan, so-called New Noble Group assumes all of the company’s assets, new bonds have been issued and USD 800 million in new financing has been made available.

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