Note:
Noble Corporation (NYSE:NE) has been covered by me previously, so investors should view this as an update to my earlier articles on the company.
As predicted in my last article, leading offshore driller Noble Corporation ("Noble") has filed for bankruptcy protection ahead of an August 1 note maturity.
Photo: Noble's last marketed semi-submersible rig "Clyde Boudreaux" - Source: Company Website
The key terms of the restructuring support agreement look as follows:
- Equitizing all of the company's approximately $3.4 billion in legacy bond debt.
- $545 million outstanding under the company's revolving credit