ISDA refused to maintain market integrity, dragging their heels on the CDS which was absurd, funny how they didn’t on Codere.
Noble is on track to not repay its first bond payment. We know now that it doesn’t intend to repay the $375 million bond due this tuesday.
So why does Noble simply doesn’t pay ?
Noble says it would be for the benefits of all its shareholders.
What benefits ? getting 1/10 of the ‘new-noble’.
What happens next if Noble defaults ? Legal procedures will start.
Inversely the trustees need only 1/4 of the bondholders support to liquidate Noble Group.
S&P Global Ratings cut Noble’s credit score to D, a level signifying default after the Singapore trader refused to pay principal and interest payments on its U.S dollar notes.
- Noble says it will not make payments despite being granted a 30-days grace period.
The ISDA must now get its act together.