Restructuring Noble Group has slimmed its loss for the second quarter on the backs of positive operating income and lower costs in some areas.
The William Randall-led company reported a $128.3m loss for the period versus a $1.75bn loss during the same period in 2017.
Revenue was $1.15bn, down from $1.58bn a year earlier, in great part due to "challenges" faced by Noble Group's five segments -- energy coal, LNG, metals, carbon steel and freight.
Operating income came in at $75.7m, coming back from last year's loss of $1.47bn.
Nonetheless, the company said the quarter was impacted by expenses related to its proposed financial restructuring and cost of senior debt, incurring $94.6m in restructuring costs.
Through the $3.5bn restructuring, 86% of existing senior creditors have agreed to a binding restructuring support agreement (RSA).
Further, shareholders representing more than 30% of issued share capital have taken "irrevocable undertakings" to support the RSA.
A special general meeting to approve the restructuring plan will take place 28 August.
In late June, Noble secured $100m in trade finance facilities from a group of investors who back the restructuring.
