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Noble Group's restructuring moves ahead with Bermuda court approval

Noble Group Ltd. received approval for its restructuring plan from the Supreme Court of Bermuda, allowing it to avoid liquidation, Bloomberg News reported Dec. 14.

The company said the same day that it expects to complete the restructuring by Dec. 19, and a court-appointed officer will oversee the process.

Noble said its day-to-day operations will remain unaffected and business will continue as usual, including access to trade facilities and payments to customers and suppliers.

The company's plan to relist its shares in Singapore was blocked by regulators, which launched a probe in November into the trading firm's past filings and "suspected false and misleading statements and breaches of disclosure requirements."

During the court hearing, a lawyer for Noble said the company has no plans, for now, to get listed on any exchange.