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Noble Group to fight US$260M lawsuit by Atlas, sells another vessel

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Noble Group to fight US$260M lawsuit by Atlas, sells another vessel

Noble Group Ltd. claimed that the recent lawsuit filed by PT Atlas Resources Tbk seeking more than US$260 million in compensation is "completely frivolous and vexatious."

The company and its Noble Resources International Pte. Ltd. subsidiary have not been served with any writ related to the claims and have only seen the claim in a March 29 advertisement in Indonesian daily The Jakarta Post.

Noble said March 29 that it plans to defend the lawsuit.

Meanwhile, Noble is selling another Kamsarmax dry bulk carrier vessel, this time to Ocean Liberty Marine Ltd. for US$24 million, the company said separately.

The disposal will not impact the proposed debt restructuring.

The sale is expected to close by June 15, and the company will realize net proceeds of about US$8.2 million from the deal.

Noble had sold a Kamsarmax dry bulk carrier vessel to Bianca Corp. and Primerose Shipping Co. Ltd. for US$24 million.