Cadwalader Advises Agent in $2 Billion Workout for Noble Americas Corp.

Mar 02, 2018


Kimberly Brooks
New York
+1 212 504 5652
Ron Brandsdorfer
New York
+1 212 504 6712

Cadwalader advised The Bank of Tokyo-Mitsubishi UFJ, Ltd., as administrative agent to a large group of international commodity finance banks, in the successful out-of-court workout of $2 billion of debt under the U.S. borrowing base credit facility of Noble Americas Corp. (“NAC”),  the U.S. oil trading subsidiary of Hong Kong-based Noble Group Limited (“Noble”).  The workout process included Noble’s sale of various NAC assets to a subsidiary of Mercuria Energy Group, Noble’s sale of NAC to a subsidiary of The Vitol Group and a full recovery for the lending syndicate.

The Cadwalader team was led by Finance partners Jeffrey Nagle and Christopher McDermott and included senior attorney Matthew Stempler and associates Evan Carter, Stephen Johnson and Ryan Leverone. The team also included Corporate partner Andrew Alin and associate Melissa Solomon, and Financial Restructuring partner Ingrid Bagby.


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