Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
NBCUniversal unveiled Peacock, a free premium ad-supported streaming service with subscription tiers offering more than 600 movies and 400 series. Peacock will be available on April 15 for Comcast's Xfinity X1 and Flex customers and on July 15 for the rest of the country. NBC is offering Peacock... The number of Amazon Prime members in the U.S. is growing slowly, but steadily, a recent study has shown. According to the survey by the Consumer Intelligence Research Partners, LLC or CIRP, the number of Amazon Prime members in the U.S. is estimated to have risen to 112 million in December 2019 from just over 100 million in the same period of the prior year. Medical device manufacturer Cardinal Health will soon recall certain Level 3 surgical gowns or PreSource procedural packs that contain these gowns following warning that they may not be sterile, the U.S. Food and Drug Administration said in a statement. The health regulator said it is working with the company to find out the specific product lots that are impacted.
Follow RTT