Noble Corporation set to exit chapter 11

Offshore driller Noble Corporation has received approval from the United States Bankruptcy Court for the Southern District of Texas for its reorganisation plan and will now work toward exiting chapter 11.

Noble says it is now working on regulatory approvals, and it should emerge from chapter 11 late this year or early 2021.

The reorganisation will see the elimination of Noble’s $3.4bn in bond debt, an injection of $200m in the form of second lien notes as well as a new $675m secured credit facility.

Robert Eifler, president and CEO of Noble, commented: “We are pleased to have reached this critical milestone and are eager to continue executing on our strategy. I would like to thank our creditors, customers, vendors, advisors and employees, whose support throughout this process has been critical to reaching a consensual and efficient restructuring while maintaining our industry-leading operations. We look forward to emerging with a significantly improved balance sheet and remain committed to delivering the operational excellence that our customers have come to expect from Noble.”

Noble Corporation filed for chapter 11 in August.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
Back to top button