TIMELINE-Noble Group’s collapse from a $6 bln commodity…

Sept 4 – Troubled Noble Group was saved from insolvency after shareholders approved a $3.5 billion debt restructuring last week, but the company is barely a shadow of what was once Asia’s biggest commodity trader.

Noble’s market value has been all but wiped out from nearly $6 billion in February 2015 when Iceberg Research launched the first of its damaging reports on the company.

Following is a timeline of events of its near-death collapse.


Feb. 15 – Blogger Iceberg Research publishes the first of many reports on Noble Group, alleging the company inflated its assets, which Noble rejects. The company’s shares fall 8 percent.

Feb. 23 – Noble books an unexpected quarterly loss, hit by a $440 million asset write-down

Feb. 25 – Iceberg publishes its second report, saying Noble overstated valuation of commodity contracts by at least $3.8 billion, which Noble again rejects.

March 23 – Noble says to take legal action on Iceberg. Says the reports are from Noble’s former credit analyst Arnaud Vagner.

Dec. 30 – Moody’s cuts Noble’s rating to junk status.


Jan. 22 – Noble founder Richard Elman tells Reuters in an interview that he sees the company’s future as smaller, nimbler.

May 13 – Noble clinches $3 billion credit facilities.

May 30 – Noble CEO Yusuf Alireza quits unexpectedly; company unveils plan to sell U.S. energy distribution unit.

June 3 – Noble says to raise $500 million from a deeply discounted share issue; says founder Elman to step down in 12 months.

Oct. 10 – Noble agrees $1.05 billion sale of U.S. energy distribution unit.


Feb 14 – Citing sources, Reuters reports that China’s Sinochem is in early talks to buy a stake in Noble; Noble confirms holding talks on a possible strategic investment in it.

Feb. 27 – Noble swings to small profit for 2016

March 9 – Noble raises $750 million in a heavily oversubscribed bond

May 11 – Paul Brough takes over as chairman and company reports quarterly loss, sending shares 33 percent lower.

May 22 – Reuters cites sources as saying Sinochem is no longer pursuing purchasing a stake in Noble

June 20 – Noble gets 120-day credit extension from banks; says to skip coupon payment on a closely watched bond.

June 22 – Abu Dhabi fund Goldilocks Investment Co discloses 5 percent stake in Noble.

July 26 – Noble strikes deal to sell U.S. gas and power business to Mercuria

Oct. 23 – Noble agrees to sell U.S. oil liquids unit to Vitol

Nov. 15 – Noble announces formal debt restructuring talks


Jan. 29 – Noble agrees preliminary $3.5 billion debt deal; says creditors to take 70 pct equity in new company.

Feb. 28 – Noble books $4.9 billion annual loss.

March 12 – Noble skips bond coupon payment.

March 14 – Noble clinches binding restructuring deal with creditors.

June 20 – Noble gets support from rebel shareholder Goldilocks Investment Co after it sweetens equity offer.

Aug. 27 – Noble shareholders unanimously approve company’s debt restructuring, clearing the final hurdle. (Reporting by Anshuman Daga; Editing by Christian Schmollinger)


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