Singapore trader and bulker owner Noble Group has settled a dispute with an Indonesian company and will bank $40.68m in the process.
It has entered into a master settlement deed to end claims that it and Atlas Group had against each other.
Noble said $113m was owing from Atlas, but it has settled on the smaller amount, half of which is payable in cash and half in Atlas shares.
In November, Noble said Atlas had threatened to bring a claim in Indonesia for around $260m against 17 defendants including the company and one of its directors.
The claim was said to relate to coal mining interests in Indonesia in response to arbitration proceedings commenced by a Noble Group subsidiary in Singapore, but after seven and a half months the company had yet to be served with any proceedings.
In December, a new company was formed from the ashes of "Old Noble", 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.
It is selling off its bulker fleet and is now down to four vessels.
