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Yet another rig company files for Chapter 11

The drilling market has been hit hard by a large oil price drop and the coronavirus crisis, and this now means that yet another major player has to file for Chapter 11. Another big company could follow suit.

Photo: Mark J. Terrill/AP/Ritzau Scanpix

The challenging rig market has made another major player file for Chapter 11 to handle a large billion-dollar debt.

Namely Noble Corp, which has filed for Chapter 11 in the US. The company has a bond debt totaling more than USD 3.4 billion, which needs to be fully eliminated through, among other measures, converting debt into equity, says the company in a statement.

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