(Bloomberg) -- Noble Group Ltd. warned of another quarterly loss, driven by restructuring and finance costs, as the embattled commodity trader moves toward completing a $3.5 billion rescue deal.
The net loss for the three months through September will be about $90 million to $115 million, Noble Group said in a filing to the Singapore Exchange on Monday. It expects to incur restructuring costs of about $35 million for the quarter, after spending more than $100 million in the first half of the year.
Once Asia’s largest commodity trader, Noble Group’s crisis has escalated in recent years as losses and defaults mounted. Creditors gather on Nov. 8 to vote on its restructuring plan, which has already been approved by shareholders.
More than 88 percent of creditors have acceded to the restructuring, Noble said on Monday. The deal, which is due to be completed before the end of the year, will wipe out about half of Noble Group’s debt and hand creditors a controlling stake in the equity.
The quarterly loss left the company with a negative net asset position of about $1.1 billion as of Sept. 30, it said. Despite “ongoing constraints on liquidity and availability of competitive trade finance to support operations,” Noble Group said the implementation of the debt plan should “restore shareholders’ equity and create a sustainable capital structure.”
Once worth more than $10 billion, the company is now valued at about $83 million on the Singapore Exchange.
The trader expects to report third-quarter operating income at $40 million to $55 million, driven by the company’s metals business, which includes its Jamalco alumina plant in Jamaica. Prices of alumina have spiked this year on major supply concerns.
(Updates with market value in sixth paragraph.)