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ENERGY & OFFSHORE | Staff Reporter, Singapore
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Noble Group warns debt restructuring plan is the only way to survive

This comes after US$4.94b loss in 2017.

Noble Group’s survival might only now be hanging on its controversial debt restructuring plan after a US$4.94b loss in 2017.

Noble Group’s auditor Ernst & Young LLP noted the company’s massive loss, bank debt and negative asses indicate the “existence of material uncertainty which may cast significant doubt over the group’s ability to continue as a going concern”, according to Bloomberg.

Noble Group Chairman Paul Brough said he had “no magic pill” for investors who will face hefty loss under the planned restructuring that would halve their US$3.5b debt.

"What we’re focused on is trying to get all of the parties over the line…I do accept that it requires an allocation of some pain and discomfort, but I’m afraid that there’s no magic pill to solve it," said Brough.

Noble Group was brought to the brink of collapse after a three-year crisis marked by losses and writedowns.

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