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Noble Group's 2020 noteholders informed of default: board
HOLDERS of certain notes from embattled commodities trader Noble Group have been informed of a default, the board said on Friday night.
Its 6.75 per cent US dollar fixed-rate senior notes due 2020, with a principal amount of nearly US$1.18 billion, face a default after the company filed a Chapter 15 bankruptcy petition in the United States.
The board noted that the filing does not affect its proposed debt restructuring, but seeks legal recognition in the US of a scheme of arrangement that was begun in England.
In the event of default, said the board, the notes' principal, premium and accrued and unpaid interest will be immediately due and payable, without any action needed from the trustee or noteholders.
Noble shed 0.1 Singapore cent or 1.01 per cent to 9.8 cents before the announcement.