Noble in tough spot as it strives to revamp debt: chairman

Singapore

NOBLE Group chairman Paul Brough warned on Tuesday that the firm will continue to struggle for the next few months amid constrained liquidity as it works towards a debt repayment plan with its bankers.

At a special general meeting (SGM) where shareholders approved the sale of its North American gas and power unit, he also pledged to do all he can to turn the business around, and avoid having it go into liquidation.

Noble is in "very difficult circumstances" at the moment, he said. Its lenders had pulled their support after the group reported a shock first-quarter loss. "This means we don't have access to the trade finance facilities that we require; it also means we don't have access to the hedging tools required in order to lock in profits on coal shipments," he told shareholders. "This is not business-as-usual at the moment, which is why we are trying t…