Noble BagholdersGuest Post
They’re just covering all their bases here, remember, most firms have multiple issues, and a notice of default often only applies to one and Noble wants to make clear that it’s defaulting on everything, leaving current bagholders’ paper with claims on an empty shell in Bermuda.
ISDA refused to maintain market integrity, dragging their heels on the CDS which was absurd, funny how they didn’t on Codere.
Bloomberg had earlier reported that if shareholders voted against the RSA, Noble will seek to implement the restructuring as a prepackaged administration in the United Kingdom, an action that would effectively concede the company’s insolvent, according to the terms of the restructuring with 46% of its senior creditors.
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