Offshore Oil-and-Gas Driller Noble Corp. Files for Bankruptcy

Noble Corp., an operator of offshore oil-and-gas drilling rigs, filed for Chapter 11 bankruptcy in the Southern District of Texas, on Friday, July 31. 

The London-based company is one of the largest operators of offshore rigs in the world. However, the recent crash in oil prices has caused undersea oil extraction to be unsustainable.

The company plans to cut its $3.4 billion bond debt for new equity interest post restructuring. Noble's major bondholders have agreed to invest an additional $200 million of new capital into the company, via the company’s new second-lien notes.

Furthermore, Noble secured a $675 million credit facility from its current revolving-credit lenders, with JPMorgan Chase as the administrative agent. This will provide the company additional liquidity whe...

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