Noble Group Ltd. will not make payments due on a US$379 million bond due in 2018 and a US$750 million bond due in 2022, Reuters reported March 16, citing the company.
The Hong Kong-based commodity trader is already taking advantage of a 30-day grace period, after it decided not to pay a coupon due March 9 on its US$750 million notes maturing 2022.
The debt-laden group recently reached a binding restructuring deal with a group of creditors holding about 46% of its existing senior debt and is in talks with other claimants.
The board of Noble Group, which faces a US$400 million debt maturity March 20, has also started looking into moving the company to the U.K. from Hong Kong as part of an alternative restructuring if its plans fall through.
Alternative plans included seeking the appointment of an English administrator to sell all of the assets of the company to new Noble.
