Noble M&B Faces Bankruptcy Closure and Delisting Risk, Continues Massive Losses and Capital Erosion

Consolidated operating loss of 567 million KRW and net loss of 502 million KRW in Q1 2026
Rehabilitation proceedings initiated (Mar 24, 2025) and dismissed on Apr 6, 2026; going concern uncertainty
Delisting decision (due to audit opinion denial) with injunction filed for stay of effect
Total liabilities of 1,712 billion KRW vs equity of 184 billion KRW; complete capital impairment (debt ratio not calculable)
Current liabilities exceed current assets by 13.0 billion KRW (liquidity crisis)
Multiple pending lawsuits including a 21.2 billion KRW damage claim
Full impairment of related-party illegal receivables (4.6 billion KRW)
No dividends; no share buyback or cancellation