Noble fails to pay US$750m bond coupons

Senior creditors advised it to wait for the final terms of its debt restructuring plan.

Noble Group Limited (NGL) has not paid the coupon due 9 March 2018 with respect to the US$750m notes due 9 March 2022 and availed itself of a 30-day grace period.

According to an announcement, it consulted with an ad hoc group of the Group’s senior creditors and took into consideration advice received from the Group’s legal and financial advisors.

Noble said it is “very close” to reaching final terms with its senior creditors in respect of a proposed restructuring of the Group’s unsecured liabilities. “The Group will make further announcements in relation to the progress and implementation of the Group’s proposed restructuring in due course,” it added.

Noble has yet to finalise its restructuring as shareholders are concerned by some of its terms. The Singapore Exchange Regulation (SGX RegCo) required Noble Group Limited (NGL) to add an independent financial advisor’s (IFA) opinion during its general meeting, which was welcomed and questioned by both investors and market watchers.