New Chapter 15 Bankruptcy Filing - Noble Group Limited

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Noble Group Limited

October 17, 2018

Noble Group Limited, an over-levered global commodity trader that deals in oil, nat gas, coal and metals, filed for chapter 15 protection in order to hinder U.S.-based creditors from obstructing the company’s proposed schemes of arrangement filed in the UK last week. The schemes seek to de-lever the company and recapitalize it with a combination of new debt and equity as well as a corporate reorganization that includes a transfer of assets to a new Bermudan holdco. The company hopes to effectuate the schemes by late November and has a restructuring support agreement in place with its creditors in order to do so.

  • Jurisdiction: S.D. of New York

  • Capital Structure: $2.29b RCF, 3.625% ‘18 senior notes, 6.75% ‘20 senior notes, 8.75% ‘22 senior notes

  • Company Professionals:

    • Legal: Kirkland & Ellis LLP (James Sprayragen, Marc Kieselstein, Adam Paul, Catherine Jun, Gerardo Mijares-Shafai)

  • Other Parties in Interest:

    • Ad Hoc Group of Lenders

      • Legal: Akin Gump Strauss Hauer & Feld LLP (Philip Dublin, Kevin Zuzolo)