Monday, December 9, 2019

Noble Group Ltd News

Noble Group Halves Net Loss in Q3

Noble Group Ltd halved its quarterly net loss from continuing operations to $43.3 million and said its soon-to-be-completed $3.5 billion debt restructuring would enable the commodity trader to reposition its business in Asia Pacific and the Middle East.The Singapore-listed company is seeking approval from a Bermuda court for its restructuring and payment to creditors, the final hurdle to completing a debt-for-equity swap.

Singapore Court Blocks Noble Group Shareholder Meeting

File Image (CREDIT: AdobeStock / © Renaschild)

Noble has other investor meetings due in next few weeks; but court decision could complicate restructuring process. A Singapore court blocked commodity trader Noble Group Ltd from holding its annual meeting of shareholders on Monday following legal action sought by dissident shareholder, Goldilocks Investment Co. Ltd. Friday's ruling is the latest skirmish between Noble and Goldilocks…

Noble Group Founder Resigns Due to 'Amicable Differences'

Noble Group Ltd said this week's resignation of its founder Richard Elman was due to "amicable differences" with the board and a group of senior creditors who are negotiating a debt restructuring that is crucial for its survival. The clarification, in response to a query from the Singapore bourse, comes days after Goldilocks, an Abu Dhabi Financial Group equity fund - a…

Noble Group Hit by Shareholder Lawsuit

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Goldilocks Investment Co, a leading shareholder of Noble Group Ltd, has filed a lawsuit with the Singapore High Court against the commodities trader and some of its former and current senior executives, alleging the company inflated its assets. "We have filed it today," said Daniel Chia, a Morgan Lewis Stamford lawyer, who is representing Goldilocks. An external spokeswoman for Noble declined to comment.

Noble Group Reports $4.9 bln Loss, Restructuring Underway

Commodities trader Noble Group Ltd plunged to an annual loss of $4.9 billion versus a profit of $8.7 million a year ago, mainly due to non-cash losses on its derivatives contracts, the company said. In its results reported on Wednesday, Noble said again that its $3.4 billion debt-for-equity swap would help create a sustainable capital structure for the company. Last week, the Singapore-listed firm had flagged a loss of $4.78 billion to $4.98 billion for 2017.

Noble Group Hopeful of Debt Restructuring Deal

Chairman says talks with bond holders and banks moving forward; hopeful of reaching a conclusion in near future. Struggling commodities trader Noble Group Ltd is having constructive talks with creditors to restructure its debt and is hopeful of a deal in the near future, the company's chairman said. "Various talks have been going for a couple of months. They have been constructive…

Embattled Noble Receives Interest for Oil Unit

Struggling commodity trader Noble Group Ltd has been approached by potential buyers for its oil business, the Financial Times newspaper reported on Monday, citing four people familiar with the matter. Noble has been sounded out by rival trading companies about buying parts of its Americas-focused oil unit but has so far resisted entering into discussions, the FT reported. It did not name any potential buyers.

Sinochem No Longer Pursuing Stake in Noble Group

China's state-owned Sinochem is no longer pursuing an investment in Noble Group Ltd due to concerns over the finances and business outlook of the loss-making commodity trader, three sources familiar with the matter told Reuters. When it held talks with Noble earlier this year to buy a stake, Sinochem's thinking, sources have told Reuters, was that a deal could help the oil, gas and petrochemicals producer to become a globally active energy trader.

Noble Group's Shares Plunge, Elman Steps Down

Decline in shares is biggest on record. Noble Group Ltd reported a quarterly loss that pummelled its shares by a record 33 percent, stoking worries the Singapore-listed commodity trader was failing to recover from a crisis-wracked two years despite a deep restructuring. As previously flagged, founder Richard Elman, 77, said on Thursday he was stepping down as executive chairman to take on a non-executive board role as chairman emeritus.

Noble Group Records Small 2016 Profit

Some units operated below potential due to capital constraints; posts full year profit of $8.7 mln vs huge loss year ago. Noble Group Ltd reported a net profit of $8.7 million for full-year 2016 versus a huge loss in the previous year when the Singapore-listed commodities trader restructured its business operations, and it outlined further cost cuts for this year. The Hong Kong-headquartered company is slowly recovering after the restructuring…

Noble's LNG Traders to Join Glencore

Three liquefied natural gas (LNG) traders at Asia's biggest commodity trade house, Noble Group Ltd, including two co-heads of the team, are leaving to join rival trader Glencore, sources familiar with the matter told Reuters. Noble and Glencore declined to comment. The sources said that Noble will continue to trade LNG, having restarted its London-based trading desk in 2014. Noble will still have about five people involved in the LNG business.

Former COFCO Chief Named Sinochem Chair

The former head of China's top food processor and grain trader COFCO Group Ltd has been appointed as the chairman of Sinochem Group, the country's fourth-largest oil company said on Tuesday. Ning Gaoning replaces long-serving Sinochem chief Liu Deshu, who is leaving due to reaching a government-set retirement age, Sinochem said, without giving further details. Top jobs at…

Vitol to Lift 2nd Crude Cargo for U.S. Export

The world's largest oil trader Vitol SA has secured a second cargo of U.S.-produced crude for export, just weeks after the U.S. government lifted the ban on exporting domestic oil. Producer ConocPhillips said it will sell crude and condensate produced in the Eagle Ford shale of Texas to Vitol. The cargo will load out of NuStar's North Beach terminal in Corpus Christi on Dec. 31, NuStar said in a statement.

Moody's Cuts Noble's Rating to Junk

Moody's says has concerns over company's liquidity. The chief executive of embattled commodity trader Noble Group Ltd defended its financial position after what it called an "unexpected" move by Moody's Investors Service to cut its credit rating to junk status, slamming its stocks and bonds. The one-notch cut to a Ba1 rating by Moody's, which said on Tuesday it had concerns over Noble's liquidity…

Noble Hires Trafigura Oil Trader as Middle East Deputy

Noble Group Ltd said Thursday it had hired Wael Amer, a former Trafigura senior oil trader, as deputy head of the Middle East, North Africa and East Africa, as the Asian commodities trader expands its oil trading and cuts metals exposure. In the newly created position, Wael Amer will be based in Dubai and report to Raj Kapoor, chief operating officer for the Middle East & Central Asia, and Jeff Frase who is global head of oil liquids.

Noble Group Chairman distanced from Audit

Elman steps down from audit, nominating committees; Noble gives no reason for changes. The chairman of Singapore-listed Noble Group Ltd has stepped down from the company's audit committee, in the first major move for the co-founder since the firm's accounting practices were called into question earlier this year. Influential proxy adviser Institutional Shareholder Services…

Noble Group Starts Third-Party Model Review

It said it had set up an independent committee which appointed PricewaterhouseCoopers to conduct an assurance review of its MTM models, valuations and governance framework. The Singapore-listed commodities trader has rejected allegations from Iceberg Research that it inflated assets by billions of dollars through aggressive accounting.

Pacific Rubiales Shareholders Launch Proxy Fight to Stop Alfa Deal

Pacific Rubiales Energy's largest group of shareholders has begun a proxy fight to block the roughly C$2 billion ($1.6 billion) takeover of the Canadian oil producer by Alfa SAB de CV and Harbour Energy Ltd. O'Hara Administration, speaking for a group of shareholders holding about 20 percent of Pacific Rubiales shares, said on Thursday it had filed a proxy circular and letter urging other minority investors to vote against the deal.

Noble, EIG Launch $2b Energy Venture

Asian commodity trader Noble Group Ltd has joined forces with U.S. private-equity firm EIG Global Energy Partners to launch a new venture aiming to snap up $2 billion in global energy assets. Harbour Energy Ltd will be helmed by former top Royal Dutch Shell Plc executive Linda Cook, the companies said, with EIG and the new firm's management team overseeing cash raising and acquisitions, with Noble responsible for marketing and logistics.

Noble Strikes Second Private Equity Deal

Global commodity trader Noble Group Ltd has joined forces with a private equity group to set up an energy investment fund run by a former Royal Dutch Shell executive, its second such arrangement in a year. Noble and EIG Global Energy Partners are creating Harbour Energy, the latest deal to combine commodity merchants' trading savvy with the financial power of private equity.