Noble Corporation Files for Chapter 11 Protection

Skadden is advising Noble Corporation plc in its comprehensive financial restructuring that will eliminate more than $3.4 billion of its outstanding debt. To implement the restructuring, Noble and 39 of its subsidiaries filed for Chapter 11 protection in the Bankruptcy Court for the Southern District of Texas. The proposed plan already has 70% and 45% support from Noble’s two tranches of noteholders and the support of the administrative agent under its revolver facility.