Noble Group is being linked with a former Morgan Stanley banker as its next potential chairman, according to reports.
Ian Potter, who ran Morgan Stanley’s Asian commodities business, is reported to be in “advanced discussions” with the company, reported the Financial Times.
The Hong Kong-based commodities trader is looking to replace Paul Brough, a restructuring expert who was brought in to oversee its restructuring.
Brough revealed in August that he planned to step down, telling a shareholder meeting that his successor had to be someone with “extensive” industry expertise.
Potter is currently managing partner at Singapore-based private equity firm Lion City Capital Partners.
The company describes itself as having “deep expertise in hard and soft commodity-related assets”, according to its website.
Reuters reported that Potter has been working with Noble in an “advisory capacity” for the past few months, according to unnamed sources.
Noble won approval from shareholders in August for a $3.5bn debt restructuring to ensure its survival.
Under the deal, Noble’s debt burden will be halved and its creditors will take a 70% stake in the company, with existing shareholders and management getting 20% and 10% of New Noble respectively.
Last month it filed for Chapter 15 protection in the US aimed at providing a shield for its assets during the reorganisation.
However, sources closely connected to Noble Chartering, told TradeWinds that the filing had “not affected day-to-day operations” and that it continues to fix ships and pay daily hire.
“Noble is going to great lengths to reassure charterers, vessel owners and brokers that it is business as usual and that all vessel commitments will be honoured,” a Singapore chartering broker said.
Last month, Noble warned that it would record a loss for the third quarter of between $90 and $115m due to financing and restructuring costs and losses from discontinued operations.
