Noble Corp. files massive bankruptcy in Houston

London-based Noble Corporation PLC (NYSE: NE) reached a restructuring support agreement with two groups of lenders and filed for bankruptcy in Houston on July 31.

The agreement would cut more than $3.4 billion of Noble’s debt in exchange for equity interest in the reorganized company, which would be turned over to creditors, according to a July 31 press release. The company is petitioning the Southern District of Texas Bankruptcy Court for Chapter 11 protection while it restructures.

Noble would…


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