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."
About Noble Holding Corporation plc
In November 2020, Noble Corporation plc changed its
name to Noble Holding Corporation plc to allow the ultimate parent
company that emerges from the Chapter 11 reorganization to use the
name "Noble Corporation plc." Noble is a leading offshore drilling
contractor for the oil and gas industry. The Company owns and
operates one of the most modern, versatile and technically advanced
fleets in the offshore drilling industry. Noble performs, through
its subsidiaries, contract drilling services with a fleet of 19
offshore drilling units, consisting of 7 drillships and
semisubmersibles and 12 jackups, focused largely on ultra-deepwater
and high-specification jackup drilling opportunities in both
established and emerging regions worldwide. Noble is a public
limited company registered in England and Wales with company number 08354954 and
registered office at 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT. Additional information on
Noble is available at www.noblecorp.com.
Forward-looking Disclosure Statement
Statements
regarding Chapter 11 proceedings, including timing of
emergence, stock exchange listing and related timing, as well
as any other statements that are not historical facts in this
release, are forward-looking statements that involve certain risks,
uncertainties and assumptions. These include but are not limited to
regulatory and legal approvals, consents and reviews, actions or
claims by regulatory authorities, customers and other third
parties, operating hazards and delays, risks associated with
operations outside of the U.S., legislation and regulations
affecting drilling operations, compliance with regulatory
requirements, factors affecting the level of activity in the oil
and gas industry, supply and demand of drilling rigs, factors
affecting the duration of contracts, the actual amount of downtime,
violations of anti-corruption laws, hurricanes and other weather
conditions, public health threats including the COVID-19
(Coronavirus Disease 2019) pandemic, market conditions, the future
price of oil and gas and other factors detailed in the Company's
most recent Form 10-K, Form 10-Q's and other filings with the
Securities and Exchange Commission. Should one or more of these
risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated.
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SOURCE Noble Corporation