(Reuters) - Troubled Noble Group (NOBG.SI) 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.
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.
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.
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 MercuriaOct. 23 - Noble agrees to sell U.S. oil liquids unit to VitolNov. 15 - Noble announces formal debt restructuring talks
2018Jan. 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