Noble Group secures bid extension for restructuring

It is eyeing for a hearing in a Bermudan court on 14 December.

Embattled Noble Group revealed that it has clinched another extension for its restructuring bid from the Securities Industry Council. With this, the troubled firm will have the extension for their bid to 31 December for the firm to rely on the Whitewash Resolution approved by its shareholders earlier in August.

This follows the firm’s announcement that it will make an application to the Bermuda court for the implementation of the restructuring.

Also read: Noble pushes for restructuring after authorities block re-listing

“The company intends to apply to the Bermudan court for a hearing on 14 December 2018 for the appointment of a court-appointed officer to the Company in order to implement the restructuring in accordance with the terms of the Schemes as already disclosed,” Noble said in a statement.

The firm’s board noted that the court-appointed officer will be appointed only to Noble and not to any of its subsidiary.

“The day-to-day operations of the Group will therefore be unaffected: the Group’s trade finance facilities will continue to be available to it and payments to customers and suppliers will be made as usual,” they explained.