Noble restructuring could get pushed to 11 December

It is making time for regulators’ probes into its reporting and accounting practices.

As regulators close in on Noble Group’s accounting and reporting practices, the company’s restructuring may be pushed by two weeks to December. It agreed to extend the due date for the English scheme and Bermuda scheme from 27 November 2018 to 11 December 2018.

According to an announcement, it also agreed to extend the longstop date indicated in the restructuring support agreement (RSA) with the consent of its majority creditors, Deutsche Bank and ING.

It was also granted an extension by the Securities Industry Council for the reliance on the Whitewash Resolution approved by shareholders at the Special General Meeting on 27 August 2018.

“Due to the additional time required to fully address all concerns of the regulators and to ensure that the interests of all stakeholders continue to be protected, the company anticipates a change in the indicative timeline for the restructuring,” Noble said.

Noble added that is is confident that the remaining conditions precedent to the restructuring date will be satisfied no later than 11 December 2018.

The Commercial Affairs Department (CAD) of the Singapore Police Force (SPF), the Monetary Authority of Singapore (MAS), and the Accounting and Corporate Regulatory Authority (ACRA) filed a joint statement saying they are investigating Noble Group’s suspected false and misleading statements and breaches of disclosure requirements under the Securities and Futures Act, as well as non-compliance with accounting standards under Section 201 of the Companies Act.

This follows an extensive review of the financial statements of Noble subsidiary Noble Resources International (NRI) for the financial years ended 31 December 2012 to 31 December 2016.