Noble Group 'Sinking in Perfect Storm,' Says Foe After Trader Profit Warning
- Company selling assets to raise funds, pays 2020 bond coupon
- ‘We don’t write less when we are sued,’ researcher’s note says
Carson Block Says 'Wheels Falling Off' Noble Group
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Noble Group Ltd. received a fresh broadside from Iceberg Research as the trader’s long-time foe predicted that the commodity company will probably fail, while telling executives that the anonymous commentator won’t be silenced by being sued. The trader’s shares fell.
“Noble is sinking in a perfect storm,” the researcher said in a report on Thursday. “The company is walking toward bankruptcy and liquidation. Its cost of fund is prohibitive. Noble is losing the confidence of its counterparties and of its banks. Key traders are leaving.”