Noble cashes in on US unit – will restructure follow?

Investors say the financially-battered commodities trader needs to build on momentum from US oil deal and swiftly outline a debt restructuring plan.

Noble cashes in on US unit – will restructure follow?

Embattled commodity trader Noble Group is expected to start restructuring talks with its major lenders and creditors, as the sale of its US oil business fetched at a price a tad better than expected.  

The Singapore-listed company said on Monday it would sell its American oil trading unit to Vitol, the world’s largest oil trader, for $1.4 billion, and receive cash proceeds of about $582 million after deducting debt of about $836 million.

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