Noble Corp. Files for Bankruptcy to Erase Its $3.4 Billion Debt
(Bloomberg) -- Noble Corp., the offshore drilling contractor, filed for bankruptcy after the crash in crude prices made undersea oil wells too expensive to compete.The Chapter 11 filing in Texas envisions eliminating all of the company’s borrowings -- more than $3.4 billion -- by swapping debt for equity
Noble Corp. Files for Bankruptcy to Erase Its $3.4 Billion Debt
(Bloomberg) -- Noble Corp., the offshore drilling contractor, filed for bankruptcy after the crash in crude prices made undersea oil wells too expensive to compete.The Chapter 11 filing in Texas envisions eliminating all of the company’s borrowings -- more than $3.4 billion -- by swapping debt for equity