ENERGY & OFFSHORE | Staff Reporter, Singapore

Noble gets 3-year US$700m loan

It is also in talks with stakeholders to launch its restructuring plan.

Noble Group Limited (NGL) scored an in-principle agreement with its senior creditors in an ad-hoc group and ING for a three-year US$700m trade finance facility.

According to an SGX announcement, the ad-hoc group represents the holders of 36% of the group's debt. Moreover, NGL said the group's advisors are in contact with 15% of the group's existing senior debt instruments.

The trader also said that restructuring talks with stakeholders "continue to be productive" as it approached the launch of the restructuring support agreement (RSA).

"Given the status of restructuring discussions with the Ad Hoc Group in reaching agreement on the RSA, and the trade finance facilities presently provided by the Group's banks, the Board is, on balance and on the basis of legal advice, satisfied that the Group can continue as a going concern, until such time as the restructuring is completed," NGL said.

Meanwhile, it also warned that it will report losses in Q4, from its hard commodities, freight, and liquefied natural gas (LNG) operations. It also mentioned losses from its halted global oil liquids and North American gas & power operations.

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