Bloomberg Law
Oct. 9, 2020, 8:48 PM

Offshore Firm Noble Approved to Solicit Votes on Bankruptcy Plan

Allison McNeely
Allison McNeely
Bloomberg News

Noble Corp. won court approval to gather support for its bankruptcy plan that would cut nearly all of its $4 billion of debt.

The offshore service company’s disclosure statement and proposed rights offering were approved by Judge David R. Jones in bankruptcy court Friday. Noble can proceed with soliciting stakeholder votes in support of its bankruptcy plan, with an aim to secure court approval of the restructuring at a hearing next month, according to a court filing.

Noble proposes to borrow $675 million under a new first-lien credit facility provided by existing lenders, and sell $200 million in new ...