Noble Corp. Reportedly files for Chapter 11 Bankruptcy Protection

Noble Corp. (NE) Investment Losses

Have you suffered investment losses in Noble Corp.? If so,  the securities attorneys at The White Law Group may be able to help you recover your losses by filing a complaint against the brokerage firm that sold you the investment.

After a deep decline in oil prices during the COVID-19 global pandemic, offshore drilling contractor, Noble Corp., filed a Chapter 11 bankruptcy petition, including a plan to erase its  $3.4 billion bond debt through a swap for new equity, according to Bloomberg on Friday. 

The company reportedly said in a statement that the Chapter 11 filing in Texas would eliminate all of the company’s bond borrowings by swapping debt for equity. Noteholders agreed to invest $200 million of new capital through second-lien notes, and Noble has reportedly  lined up a $675 million secured revolving credit facility backed by current lenders including JPMorgan Chase & Co.

Noble reported both assets and liabilities of $1 billion to $10 billion, according to the bankruptcy petition. It expects to emerge from Chapter 11 before the end of the year, and will continue operating while in bankruptcy, according to the statement.

According to reports, Noble had spent years in litigation after it formed a new company, Paragon Offshore, in 2014, with more than 40 of its rigs and later filed for bankruptcy. The litigation reportedly took its toll on the company’s share price. 

According to MarketWatch, Noble Corp.’s share price is down -83.20% YTD.

Filing a Complaint against your Brokerage Firm

Broker dealers are required to perform adequate due diligence on all investment recommendations to ensure that each investment is suitable for the investor in light of the investor’s age, risk tolerance, net worth, financial needs, and investment experience.

If a broker or brokerage firm makes an unsuitable investment recommendation or fails to adequately disclose the risks associated with an investment they may be liable for investment losses. 

The White Law Group is investigating securities claims involving broker dealers who may have unsuitably recommended Noble Corp. to investors. To determine whether you may be able to recover investment losses in Noble Corp., please contact The White Law Group at 1-888-637-5510 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. The firm works on a contingency fee basis and may be able to represent you in a complaint against your brokerage firm.

For more information on the firm, visit www.WhiteSecuritiesLaw.com.