Noble says it won't make payment on 2018 bonds

Singapore

NOBLE Group will not be paying the principal and interest on its US$379 million bonds due on March 20, nor the coupon due on its 2020 notes that it has already missed.

The group announced this on Friday evening, saying that it has taken into consideration both the advice received from its legal and financial advisers, and its obligations under the restructuring support agreement (RSA). It has also consulted extensively with the ad hoc group of creditors whom it has been in negotiations with, it added.