(Bloomberg) -- Noble Group Holdings Ltd., once Asia’s largest commodity trader before being hit by years of losses and collapsing into a restructuring, is seeking to defer repaying its last remaining bond that comes due next month.

The company has struggled since emerging from a multibillion-dollar debt restructuring in 2018, and earlier this year handed ownership of its trading unit to bondholders. Now it’s in talks to defer repayment of its so-called Asset Co.’s bond, as it won’t be able to sell its assets before the note comes due next month, according to a filing from a UK-based subsidiary.

“Asset Co. lacks an ability to repay the bond on its maturity in June 2022,” according to the annual report of the subsidiary, General Alumina Holdings Ltd., which is dated April 29. “As a result, management of Asset Co. is in constructive negotiations with bondholders to defer the maturity date of the bond for at least two years.”

In a statement to Bloomberg, the company said “it is not a secret that Noble Group Holdings Ltd. is in constructive discussions with holders of the 2022 notes to extend the term, which is why it’s stated in the GAJ annual report.”

Noble Group once had a market value of more than $10 billion and aspirations to challenge the likes of commodities giant Glencore Plc, but collapsed into insolvency in 2018 after huge losses and accusations of improper accounting. A criminal probe into the company by Singaporean authorities is set to be concluded in the next few months.

Following the restructuring of two bonds tied to its trading unit earlier this year, parent Noble Group Holdings owns just two assets: a majority stake in Jamaican alumina refinery Jamalco, and an indirect 8.3% shareholding in Harbour Energy Plc. 

Production at Jamalco has been halted since a fire caused major damage in August. And because the stake in Harbour Energy is held through an investment partnership with private equity group EIG Partners, that has limited Noble’s ability to sell it.

They’re the last remaining pieces of the once Singapore-listed Noble in which its former shareholders own a stake. Some Singaporean shareholders lost their savings in when the company collapsed in 2018. 

In the annual report, General Alumina Holdings said that a “limited availability of cash” and “inability to monetize its assets until the repayment date of the bond” explained the need to defer repayment of the Asset Co. bond.

“In the case of unsuccessful negotiations with the bondholders, Asset Co. will incur a breach of non-payment, which could then lead to passing of control of Asset Co. to the bondholders,” it said.

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