$2 Billion Workout for Noble Americas Corp.

Cadwalader advised The Bank of Tokyo-Mitsubishi UFJ, Ltd, as Administrative Agent (“Agent”) to a large group of international commodity finance banks in their successful recovery of more than $2 billion in debt owed by Noble Americas Corp. (“Noble Americas”) — a full recovery of all amounts owed to the bank syndicate under the company’s U.S. borrowing base facility.

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.

Noble Group Limited manages a portfolio of global supply chains covering a range of industrial and energy products. The company, led by Paul Jeremy Brough, William James Randall and Paul Jackaman, in 2017 recorded $14.6 Billion Revenues.

The Cadwalader team was led by Finance partners Jeffrey Nagle (Picture) 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.

 

Involved fees earner: Jeffrey Nagle – Cadwalader Wickersham & Taft; Evan Carter – Cadwalader Wickersham & Taft; Stephen Johnson – Cadwalader Wickersham & Taft; Ryan Leverone – Cadwalader Wickersham & Taft; Christopher McDermott – Cadwalader Wickersham & Taft; Matthew Stempler – Cadwalader Wickersham & Taft; Andrew Alin – Cadwalader Wickersham & Taft; Melissa Solomon – Cadwalader Wickersham & Taft; Ingrid Bagby – Cadwalader Wickersham & Taft;

Law Firms: Cadwalader Wickersham & Taft;

Clients: Bank of Tokyo Mitsubishi UFJ;

 

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Author: Ambrogio Visconti