Offshore driller Noble Corp. files for bankruptcy to handle $3.4 billion in debt

Noble Corp., the offshore drilling contractor, filed for bankruptcy after the crash in crude prices made subsea 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, the company said in a statement. Bondholders have agreed to invest $200 million of new capital through second lien notes, and Noble has lined up a $675 million secured revolving credit facility.

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