Noble Says It Has $90M Deal On Paragon Clawback Claim
By Rick Archer (October 9, 2020, 7:12 PM EDT) -- Bankrupt offshore oil drilling contractor Noble Corp. told a Texas bankruptcy judge Friday that it has reached a $90 million settlement of multi-billion dollar claims brought against it by spinoff Paragon Offshore PLC.
At a remote hearing called to approve the disclosure statement detailing Noble's $3.4 billion Chapter 11 plan, counsel for the company asked U.S. Bankruptcy Judge David Jones for permission to settle the Paragon dispute for $7.5 million and said it had reached an "agreement in principle" for its insurance carriers to kick in another $82.5 million.
Noble filed for Chapter 11 on July 31, saying it had been...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!