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Noble Group’s shares surge most in 18 years on loan extension

Bloomberg Published on Mon, Jun 19, 2017 / 9:58 PM GMT+8

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SINGAPORE (June 19): Noble Group’s shares jumped the most since 1999 after the embattled commodity trader reached a deal with banks to extend a US$2 billion ($2.8 billion) credit facility, giving it more time to negotiate its future.

The stock climbed 46% to 47.5 cents, the highest close in four weeks. That follows an 8.3% advance on Friday, when the company reached an agreement to extend the loan, which was due to expire this month, for 120 days, according to people familiar with negotiations. The shares have still lost more than 70% this year.

Noble Group has endured several punishing years that have left the Hong Kong-based firm grappling with losses, a collapse in its securities, junk credit ratings and concerns over its ability to engineer a turnaround. The loan extension sets a new timer on the company’s attempts to find fresh investors, sell assets, or close unprofitable businesses.

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Noble Group’s shares surge most in 18 years on loan extension