Noble Group Plunges to Record Low as Rescue Deal Is Elusive
- Company’s seeking shareholder accord as lawsuits rumble on
- Trader had expected restructuring to be completed by July
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Shares of Noble Group Ltd., the commodity trader battling for survival, slumped to a record low as efforts to get shareholder agreement on a controversial $3.5 billion debt restructuring deal take longer than expected.
The stock closed at 5.4 Singapore cents on Thursday, for a loss of 73 percent this year, after touching an all-time intraday low of 5 cents a day earlier. Once Asia’s largest commodity trader, the company has seen its market value shrink to about $50 million from more than $10 billion in 2010.