Shares sank as the embattled company loses key support.
Noble Group DBS Group Holdings Ltd. shares sank after it lost lending support from one of its key banks, DBS Group Holdings Ltd., according to an insider source.
Bloomberg reports that the withdrawal by a core bank is the latest blow to Noble as it moves towards an all-but inevitable debt restructuring, battered by losses of more than $3 billion so far this year.
DBS had been a key supporter of Noble through a crisis at the Hong Kong-based trader that’s run for more than two years. Noble Chairman Paul Brough recently mentioned DBS together with Societe Generale SA and ING Groep NV for having helped support the company through a crisis of confidence following its announcement of a surprise first-quarter trading loss.
Read the full report here
Do you know more about this story? Contact us anonymously through this link.