Noble Group Loses Key Bank Support as DBS Cuts Lending
- DBS has sold $60 million stake in RCF due in May, person says
- Co-CEO Jeff Frase, who ran oil unit being sold off, resigns
DBS bank building at night in the central business district of Singapore.
Photographer: Nicky Loh/BloombergThis article is for subscribers only.
Noble Group Ltd., the commodity trader fighting for survival, lost support from one of its key banks as Singapore’s DBS Group Holdings Ltd. cut lending, according to a person with knowledge of the matter. Shares sank.
DBS sold its $60 million stake in Noble’s $1.1 billion revolving credit facility due in May next year, and also closed some other financing to the company, the person said, asking not to be named because the matter is private. It’s unclear whether the bank still has any remaining credit exposure to the trader.