Singapore's restructured Noble Group is on the hunt for new banking and trade finance partners following its rebirth in December.
A new company has been formed from the ashes of "Old Noble", a trader and bulker owner, with substantially all of the assets and business being transferred.
Creditors have taken over 70% of the new entity, with 20% held by shareholders of the previous company and 10% by management.
The successor company said it had started operations with a strong liquidity position including more than $525m of cash and a three-year committed trade finance and hedging facility following the successful refinancing.
"Management continue to actively engage with new and prospective banking and trade finance partners as part of the group’s ongoing efforts to diversify its working capital funding base," it added.
"The board of directors and management of Noble remain focused on returning the group to sustainable profitability and consolidating the group’s position as Asia’s leading independent energy products and industrial raw materials supply chain manager."
"Strong interest"
The group now comprises commodities management business Noble Trading Co and Noble New Asset Co, which includes strategic investments in Jamalco and Harbour Energy.
"Management have experienced strong interest in the group looking at new commodity flow opportunities and are encouraged by the current trading conditions," it said.
The previous Noble Trading Co's long-term annual EBITDA target of between $175m to $200m remains unchanged.
Its traded volumes are targeted to reach between 75m and 80m tonnes in 2019.
Annual and first quarter results are expected to be released before the end of April.
Noble's bond and bank debt had fallen into default and it had been selling some of its dry cargo fleet over the past year.
