Muddy Waters: Noble will probably have to be restructured
Singapore
NOBLE Group will almost certainly have to undergo a restructuring as the commodity trader battles for survival, according to Muddy Waters LLC founder Carson Block, who has shorted the company before but says right now he doesn't have bets against it.
"They're going to have a hard time escaping restructuring," Mr Block said in an interview on Bloomberg Television, adding that the company had less-than-zero book value. "We're not shorted now, it's hard to borrow, it's expensive and just understanding exactly when its last wheel will fall off."
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