Offshore Oil-Rig Operator Noble Cleared to Exit Chapter 11

Noble Corp., an operator of offshore oil-and-gas drilling rigs, was cleared to exit bankruptcy with a plan that transfers control of the business to its bondholders and trims more than $3 billion in debt.

Judge David R. Jones of the U.S. Bankruptcy Court in Houston on Friday confirmed Noble’s chapter 11 plan that is built on a debt-for-equity swap with bondholders and a settlement of multibillion-dollar litigation over the company’s 2014 spinoff of Paragon Offshore PLC.


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