Embattled commodity trader Noble Group has lost support from one of its key banks as Singapore's DBS Group Holdings cut lending, Bloomberg reported on Monday.
DBS sold its $60 million stake in Noble's $1.1 billion revolving credit facility due in May next year, and also closed some other financing to the company, the report said citing a person with knowledge of the matter.
The move by DBS to cut its exposure to Noble was first reported by Debtwire.
DBS had been a key supporter of Noble through a crisis at the Hong Kong-based trader that has run for more than two years.
Shares in Noble Group fell as much as 4 percent to an over 52-week low of S$0.24 on Monday.
The Hong Kong-based firm reported a third-quarter loss of $1.17 billion last week and warned that the operating environment remains challenging.
Noble Group's results highlighted the worsening liquidity conditions for the Singapore-listed trader. Liquidity headroom gives an indication of how much spare capital it has available to fund its business. The figure slumped to $800 million at the end of September from $1.4 billion three months earlier.
