Noble Holding Corporation plc Announces Confirmation Of Plan Of Reorganization

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Noble Holding Corporation plc Announces Confirmation Of Plan Of Reorganization

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November 23, 2020 at 8:44 AM EST

SUGAR LAND, Texas, Nov. 23, 2020 /PRNewswire/ -- Noble Holding Corporation plc (OTC-PINK: NEBLQ, the Company) announced today that the United States Bankruptcy Court for the Southern District of Texas has issued an order approving the Company's Joint Plan of Reorganization (the "Plan"). 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.

Robert W. Eifler, President and Chief Executive Officer of the Company, stated, "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."
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