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Noble Group Warns On Up To $1.9 Bln Losses In Q4

Noble Group Ltd (NOBGF.PK), a Hong Kong-based commodities trader, warned Monday that it sees a fourth-quarter net loss of up to $1.93 billion. The company also said it was making progress on its debt-restructuring talks.

Noble said in a statement, "Operating conditions continued to be challenging in 4Q 2017 as the group continued to manage the business within existing constraints in trade finance and liquidity availability."

The company will report a net loss of $1.73 billion to $1.93 billion for the fourth quarter resulting from non-cash losses from its mark-to-market derivatives portfolio. This brings potential losses for 2017 between $4.78 billion and $4.98 billion.

Last month, the company had announced a deal with creditors to restructure $3.5 billion in debt, fending off bankruptcy. The company now said the talks continue to be productive.

The company warned that the expected net loss would result in a negative net asset position.

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