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Ex-Temasek Executive Warns Debt Deal Won't Fix Noble Group

  • Interest rates on new trader’s debt ‘way too high,’ Dee says
  • The hedge funds backing company’s rescue are ‘going to exit’
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Michael Dee, a Noble critic and formerly an executive at Temasek, talks about the issues at the commodity trader.(Source: Bloomberg)
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Noble Group Ltd.’s foes aren’t going away. Less than 24 hours after the commodity trader won shareholder approval for its $3.5 billion debt-for-equity deal, long-standing critic Michael Dee said the revamped company will struggle to recover and shouldn’t be allowed to list shares in Singapore.

“I really don’t believe that we’re going to be in any different situation,” Dee, a former senior managing director at Singapore state investment firm Temasek Holdings Pte, said in a Bloomberg Television interview on Tuesday. “The interest rate on the debt is way too high for a commodity trader,” he said.