Noble Group shares plummeted Monday after the crisis-hit commodities trader said last week it will not pay a multi-million dollar bond due Tuesday, which could lead to its first note default.

The former stock market darling, headquartered in Hong Kong and listed in Singapore, is currently an emaciated version of its once-mighty self after being hammered since 2015 by plunging commodity prices, a ratings downgrade and allegations of irregular accounting practices.

It has embarked on a US$3.5-billion restructuring plan and sold off assets while it seeks investors to avert collapse. The company reported a net loss of US$4.94 billion in the 2017 financial year.

Noble shares tumbled by as much as 19.7 percent to Sg$0.11 Monday, its lowest since 1999.

Bloomberg News reported the company was racing against time to gather enough votes for its restructuring plan following its decision not to pay a US$379-million bond due on Tuesday.

The bond decision was based on advice from the firm's lawyers and financial advisers and its obligations under the restructuring agreement, and was taken in consultation with an ad hoc group of its creditors, Noble said in a filing with the Singapore Exchange on Friday.

This was being done "in order to preserve the company and its assets for the benefit of all stakeholders during the implementation of the proposed restructuring," the filing added.

Bloomberg said non-payment will prompt an "event of default" under the terms of Noble's bond documents.

It will also likely trigger payouts on credit default swaps -- insurance against default -- tied to Noble and cross-defaults on the firm's other debts as well, Bloomberg added, quoting law firm Eversheds Sutherland.

Noble has sold assets, including its American oil-liquids business and a US gas and power unit, in a bid to stay afloat.

-- Bloomberg News contributed to this article --

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