Noble Group said to be asking lenders to extend credit facility

London

NOBLE Group Ltd is asking lenders to extend a key credit facility until the end of the year as the embattled commodity trader seeks breathing room to negotiate its future. The stock extended a plunge to the lowest level in more than 16 years.

The company's core banks have hired law firm Clifford Chance LLP to advise them amid crisis talks over a US$2 billion credit facility that expires this month, according to a person with knowledge of the discussions.

Noble is asking banks to extend the facility to the end of the year, as well as negotiating new covenants on its bank debt, said the person, who asked not to be named beca…