Noble Group Administration, page-5

noble's been on its knees for 3 yrs. went big buying a whole range of commodity exposures in 2013-14 - 2 years and 50% too early.  

admin isnt liquidation. many companies get out of it post a restructure. could mean there'll be some talks about chinese , mongolian russian interests buying its AKM position - but in the scheme its AKM holding would be tiny value compared to others and not likely a major focus for the accountants

noble's main business has always been the commodities themselves - that will be the focus to reposition the balance sheet

theyve been receding from akm for more than 2 years as part of that overall corporate pullback - thats what the deal to pay out their debt told us

net probably a positive thing for AKM now - whereas would have been a bad thing 2 yrs ago.  esp if it could mean marketing rights can be awarded to a less fraught trading partner that can focus on active market procurement and less internal shenanigans.