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Noble group creditors agree to extend credit facility deadline: source
[HONG KONG] Creditors of struggling commodity trader Noble Group Ltd have agreed to offer a lifeline by pushing back a repayment deadline on a crucial credit line until October, a source familiar with the matter said on Friday.
The Singapore-listed company has been in negotiations with banks to roll over a US$2 billion credit facility, secured on its inventories and working capital. The facility is due to be rolled over by the end of next week.
The expiry of the credit line has been extended until October and in exchange creditors have asked Noble to find a strategic investor, the person said, declining to be named because the information is not public yet.