Noble Holding Corp. revealed on Nov. 23 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 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.
“We are pleased to have reached this critical milestone and are eager to continue executing on our strategy,” Robert W. Eifler, Noble president and CEO, said. “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.”
If dealmakers can get over the past year, with its misery as treacherous and deep as a river of mud, they may find a promising market in the months ahead.
Analysts at Cowen & Co. boosted their earnings estimates for Apache due to better-realized pricing, notably in gas that “reflect greater exposure to daily pricing versus bid week.”
The appointment of Tiffany “TJ” Thom Cepak as board chairman replaces Mark A. “Mac” McFarland, who was named as permanent president and CEO of California Resources last month.