A court hearing has been scheduled in Bermuda to wind up the "old" Noble Group following its $3.5bn debt restructuring.

The company said the liquidation — a "procedural process" — will be considered on 8 February.

The Singapore trader and bulker owner was financially restructured at the end of last year, with a new company, New Noble, being formed with "substantially all of the assets and business of Old Noble" being transferred.

Old Noble now has no business or significant debts.

It said: "The liquidation of Old Noble will have no impact on the business or financial status of New Noble.

"New Noble is a separate and unrelated company and now owns and controls all of the assets and business formerly held by Old Noble."

Creditors have taken over 70% of the new entity, with 20% held by shareholders of the previous company and 10% by the management, the statement said.

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.