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Major Events Leading To The Downfall Of Noble Group

Major Events Leading To The Downfall Of Noble Group

Noble Group, founded in 1986 by Richard Elman, is known for being one of the world’s biggest commodity traders but now its very survival is in question. The company is incorporated in Bermuda and is listed in Singapore Exchange. We have seen its market value wiped out from US$6 billion in Feb 2015 crises.

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This is a classic tale of smoke and mirrors, hubris and denial. Some events like Enron mark a generation. By no coincidence Enron’s business model was comparable to that of Noble, except that Noble has not yet filed for bankruptcy.

Noble had a great story to tell, just like Enron. Here is a quick glance on the key events that led the downfall of Noble Group:

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Noble Group Singapore: Share Price Sinks On News

Noble Group Singapore: Share Price Sinks On News

The share price of Noble Group tanked almost 50% today upon news of its strategic review.

 

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Noble Group announced that it will continue to focus on debt reduction by selling its Global Oil Liquids and North American Gas & Power businesses. Net proceeds from the sales, along with proceeds from a new asset disposal programme comprising certain of the group’s assets located outside North America, will generate significant cash proceeds to allow the Group to retire 2 of its secured borrowing base revolving credit facilities, as well as reducing the group’s remaining debts. The commodities trading group also issued a loss warning for 2Q17.

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