See: Six burning questions Iceberg wants Noble Group to answer at 1Q18 conference call
The company said that though global commodity prices strengthened in the first quarter, “the group’s performance continues to be impacted by the ongoing constraints on liquidity and availability of trade finance to support its operations.”
Noble was plunged into crisis in February 2015 when Iceberg Research questioned its books, and its market value has collapsed since then to barely US$80 million from US$6 billion.
The company has defended its accounting and is seeking approval from shareholders to halve its US$3.4 billion debt in return for handing over 70% of equity to senior creditors, mostly a group of hedge funds.
Abu Dhabi-based Goldilocks Investment Co Ltd, which holds 8.1% in Noble is resisting the proposal and has filed complaints and lawsuits against Noble, arguing that the plan protects creditors at the expense of shareholders.
