Noble Group looks to raise $2.5 billion to refinance debt
The company logo of Noble Group is displayed at its office in Hong Kong, China January 22, 2016. Reuters

Embattled commodities trader Noble Group expects to soon receive a proposal from creditors on its debt restructuring, Reuters reported on Friday.

Noble remained open to strategic investors and its current priority was to stay out of an insolvency process, Reuters reported quoting Chairman Paul Brough as saying.

Brough, a restructuring specialist who was appointed this year, was speaking to Noble's shareholders on Friday. The company is holding a shareholders meeting to vote on the sale of its oil business to Vitol Group.

The Hong Kong-based firm has been forced to shrink its business, exiting loss-making and non-core operations in order to survive.

Last month, the company announced the surprise departure of its co-Chief Executive Jeff Frase, just days after it reported a third-quarter loss of $1.17 billion and warned that the operating environment remains challenging.

Noble Group shares jumped 5 percent at S$0.23 on the Singapore Exchange. The trader's market capitalization, which once topped $10 billion, has shrunk to $280 million.