Bankruptcy court approves Noble’s reorganization plan

Nov. 23, 2020
The United States Bankruptcy Court for the Southern District of Texas has issued an order approving Noble Holding Corp. plc’s joint plan of reorganization.

Offshore staff

SUGAR LAND, Texas – The United States Bankruptcy Court for the Southern District of Texas has issued an order approving Noble Holding Corp. plc’s joint plan of reorganization. 

The company is working toward emergence as soon as possible upon receipt of certain regulatory approvals which could be received late this year or early 2021.

According to the company, 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 and a new $675-million secured credit facility.

Earlier this month, Noble Corp. plc changed its name to Noble Holding Corp. plc to allow the ultimate parent company that emerges from the Chapter 11 reorganization to use the name Noble Corp. plc.

11/23/2020