Noble Corporation Files for Bankruptcy

The offshore driller (not to be confused with oil and gas producer Noble Energy, which Chevron recently agreed to acquire) has entered into a restructuring support agreement with two groups consisting of its largest bondholders. Noble will use the bankruptcy process to enable bondholders to exchange their bond holdings for equity in the reorganized company. In addition to that debt exchange, bondholders have also agreed to invest an additional $200 million into the company via new second-lien notes.