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Noble Group credit event occurs, auction to be held, ISDA says
New York, March 27 – Noble Group Ltd.’s failure to make payments on its note has caused a credit event and an auction will be held to settle credit default swaps, the determinations committee of the International Swaps & Derivatives Association, Inc. decided.
Timing of the auction is to be determined.
As previously reported, Noble has missed a series of payments on its notes, including its 3 5/8% senior notes due 2018 and 8¾% senior notes due 2022.
Noble Group is a Hong Kong-based conglomerate that focuses on raw materials.
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