Noble Holding Corp. emerges from Chapter 11

Noble Holding Corp. PLC on Feb. 5 completed its financial restructuring and its debtor affiliates emerged from Chapter 11 with a new parent company organized under the laws of the Cayman Islands named Noble Corp., the company announced.

As a result of the financial restructuring, Noble said it now had a "substantially delevered balance sheet with less than $400 million of debt and liquidity of approximately $600 million." The company added that its new capital structure includes a new $675 million revolving credit facility, of which $178 million is currently drawn, and $216 million of second-lien notes.

At emergence, Noble UK's ordinary shares were canceled, and new shares of the company were issued to Noble UK's former bondholders. Certain former bondholders and former equity holders of Noble UK were also issued warrants to purchase shares of the company. The company intends to pursue listing on a national securities exchange following emergence.

Noble said it emerged from Chapter 11 "with a high-spec fleet of 19 rigs, balanced across jackups and floaters," adding that "the fleet is one of the youngest in the industry, with an average age of 7 years." Noble's contract backlog is currently over $1.5 billion, the company noted.

Noble UK was represented in the restructuring by Skadden Arps Slate Meagher & Flom, Evercore, AlixPartners, Porter Hedges and EPIQ Restructuring Services.