Noble Group

[BlueKelah]

A year ago I said noble will go kaput....
https://www.valuebuddies.com/thread-457-...#pid133501

Will it go kaput? Time is running out...
https://www.bloomberg.com/news/articles/...rther-loss
[Those figures include an adjusted net loss from continuing operations of $50 million to $100 million, as well as exceptional losses including non-cash items of $1.05 billion to $1.15 billion
Exceptional losses include a change in how Noble accounts for its stake in Yancoal following the latter’s equity raising in August. Noble had valued the stake at $180 million at the end of 2016, but its market value on Monday was just $12 million]

Looks like the whistleblower / Iceberg research was pretty solid. If Yancoal stake can be so wrongly valued what of the other assets on its balance sheet? Though their angst/critic against our local regulators is very vocal, it also shows they are interested in improving things on the SGX. Do you think our regulators should have any fault in Noble's case?

[Behappyalways]

Noble's Squandered Resource
https://www.theedgesingapore.com/noble-s...11-125-bil

[BlueKelah]

Might be gone case even before the restructure is completed. I am surprised they are stiill making so much revenue and people still doing business with them.

https://www.bloomberg.com/news/articles/...is-deepens
[Noble Group Ltd.’s bonds tumbled as the embattled commodity trader reported further losses and a sharp decline in liquidity, adding to pressure as it limps towards what analysts say is an all-but inevitable debt restructuring.

The Hong Kong-based trading house posted a third-quarter net loss of $1.17 billion, taking losses for the year so far above $3 billion. Liquidity headroom -- a measure of capital available to fund its business -- fell by 43 percent over the quarter and available cash at continuing operations dropped to just $262 million.]
[Revenue fell 18 percent from last year to $1.46 billion
Net debt was $3.71 billion at end-September, up from $2.87 billion end-December
Impairment of $342 million on planned sale of Noble Americas Corp.
Loss of $142 million on sale of gas and power unit
Readily marketable inventories were $182 million at the end of the quarter, from $1.2 billion at the end of June, after the deal to sell Noble Americas Corp.
Cash and cash equivalents at continuing operations fell to $339 million at end-September, compared with $737 million at end-June
Those figures include $77 million restricted with brokers, and excludes cash attributable to subsidiaries classified as held for sale]

[Behappyalways]

Noble's Law of Diminishing Returns
https://www.bloomberg.com/gadfly/article...ng-returns

[Agent008]

Noble seems like it has reached its dead end. Better let go while you still get some money back.

[cyclone]

Noble Group Loses Key Bank Support as DBS Cuts Lending

By Chanyaporn Chanjaroen  and Javier Blas
November 13, 2017, 11:17 AM GMT+8

Noble Group Ltd., the commodity trader fighting for survival, lost support from one of its key banks as Singapore’s DBS Group Holdings Ltd. cut lending, according to a person with knowledge of the matter.

DBS sold its $60 million stake in Noble’s $1.1 billion revolving credit facility due in May next year, and also closed some other financing to the company, the person said, asking not to be named because the matter is private. It’s unclear whether the bank still has any remaining credit exposure to the trader.

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.

Noble and DBS declined to comment. The move by DBS to cut its exposure to Noble was first reported by Debtwire.

More details in https://www.bloomberg.com/news/articles/...ts-lending

[BlueKelah]

Noble Group Loses Key Bank Support as DBS Cuts Lending

By Chanyaporn Chanjaroen  and Javier Blas
November 13, 2017, 11:17 AM GMT+8

Noble Group Ltd., the commodity trader fighting for survival, lost support from one of its key banks as Singapore’s DBS Group Holdings Ltd. cut lending, according to a person with knowledge of the matter.

DBS sold its $60 million stake in Noble’s $1.1 billion revolving credit facility due in May next year, and also closed some other financing to the company, the person said, asking not to be named because the matter is private. It’s unclear whether the bank still has any remaining credit exposure to the trader.

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.

Noble and DBS declined to comment. The move by DBS to cut its exposure to Noble was first reported by Debtwire.

More details in https://www.bloomberg.com/news/articles/...ts-lending

This seems to be in line with what DBS has recently been doing with consolidating its loan books and provisioning for losses, likely so that they can better conform to the Basel 3 regulations which MAS is looking to implement by next year.

https://www.bloomberg.com/news/articles/...uters-says

Sounds pretty bad with what looks like the banks starting to pull out.

[realanalyst]

Jeffrey FRASE, the co-CEO of Noble Group has Resigned.

what could be a decent title for his book:

Jeff Frase's Losing it ?

The biggest loser.

[CY09]

http://infopub.sgx.com/FileOpen/SGX%20An...eID=479853

Noble group is selling off another stake. Unfortunately, while the sale will generate about US17mil in cash, Noble is making a loss of about 78% of the stated value on its balance sheet, it will shave off 5 cents of Noble's reported NAV.

[cyclone]

Noble Group Foe Iceberg Fires a Fresh Salvo

By Jasmine Ng  and Jack Farchy
November 28, 2017, 4:44 PM GMT+8 Updated on November 28, 2017, 6:36 PM GMT+8

Noble Group Ltd.’s long-time foe Iceberg Research made a fresh attack on the embattled commodity trader on Tuesday, saying that its balance sheet may still mask problems and that the company’s bid to restructure its obligations won’t lead to a turnaround.

“The problem with this company is not only that assets have been wildly overvalued. Some liabilities have probably been drastically undervalued,” Iceberg said in an open letter to the creditors of the Hong Kong-based company. “Don’t believe that Noble’s balance sheet is clean after they recognized billions of impairments.”

An external media representative for Noble Group declined to comment on the report. Over the years, Noble has consistently rejected the claims made by Iceberg, which doesn’t disclose the identity of the person behind it, but the company has since done much of what Iceberg predicted it would do. Noble Group is suing the man it claims is responsible, Arnaud Vagner, calling him a disgruntled ex-employee.

More details in https://www.bloomberg.com/news/articles/...led-trader