(Reuters) - 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.
2015
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.
2016
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.
2017
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
2018
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)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
