Bankruptcy Court Approves Noble’s Plan of Reorganization
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Noble Holding Corporation said the United States Bankruptcy Court for the Southern District of Texas has issued an order approving the company’s Joint Plan of Reorganization. The company is working towards emergence as soon as possible upon receipt of certain regulatory approvals which could be received late this year or early 2021.
The plan received widespread support from creditors and upon emergence will equitize all outstanding bond debt, which currently totals $3.4 billion, and provide for a new $200 million investment in the form of second lien notes as well as a new $675 million secured credit facility.
“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,” said Robert W. Eifler, president and chief executive officer.
About Noble Holding Corporation
In November 2020, Noble Corporation changed its name to Noble Holding Corporation to allow the ultimate parent company that emerges from the Chapter 11 reorganization to use the name Noble Corporation. Noble is a leading offshore drilling contractor for the oil and gas industry. The company owns and operates one of the most modern, versatile and technically advanced fleets in the offshore drilling industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 19 offshore drilling units, consisting of 7 drillships and semisubmersibles and 12 jackups, focused largely on ultra-deepwater and high-specification jackup drilling opportunities in both established and emerging regions worldwide.
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