For Noble, banks' pullout marks deepening crisis
NEARLY three years after it was first attacked by Iceberg Research, Noble Group may now be seeing the beginning of the end. The group has lost a key banker after DBS Group sold off its US$60 million in the distressed commodity trader's US$1.1 billion revolving credit facility (RCF) due in May next year, and also closed other financing to the company.
Would other banks follow suit? That is the foremost question now, as Noble's remaining bankers would likely also re-examine the exposure they have on their books.
If they do, the domino effect - as banks cut their funding, one by one - would lead to its inevitable conclusion: the winding up of the firm.
To be clear, that DBS sold off its exposure in the RCF is not surprising, as The Business Times earlier reported. Other b…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Global wave of consultancy layoffs has not hit Singapore
Gazelle Ventures makes cash offer for No Signboard shares at S$0.0021 apiece
P&G raises annual core profit forecast on resilient demand, price hikes
American Express beats profit estimates on strong spending by wealthy customers
Sheng Siong shareholders press for details on capital allocation, M&A opportunities
Wilmar appoints former minister George Yeo as independent non-executive director