Defence contractor Noble files for Chapter 11

December 2026 | DEALFRONT | BANKRUPTCY & CORPORATE RESTRUCTURING

Financier Worldwide Magazine

December 2026 Issue

Citing financial distress arising from the loss of several lucrative defence contracts, supply and logistics company Noble Supply & Logistics LLC, along with certain affiliates, has filed for Chapter 11 bankruptcy protection.

The company filed its petition in the US Bankruptcy Court for the District of Delaware on 31 August, listing assets of between $100m and $500m and liabilities of between $500m and $1bn, including more than $292m in funded debt, according to court papers.

Noble intends to use the Chapter 11 process to pursue a value-maximising outcome for stakeholders through a sale of some or all of its assets, a plan of reorganisation or another restructuring solution, while continuing to serve customers without disruption.

At present, the company is not party to a restructuring support agreement or committed exit financing and has not identified a stalking horse bidder or plan sponsor. Noble expects to fund operations during the Chapter 11 process through the consensual use of cash collateral, with support from existing secured lenders.

A Boston-based supplier of mission-critical logistics, supply chain and product solutions to US federal government, commercial and international customers, Noble operates a network of operations centres, distribution centres and consolidation points designed to expedite deliveries and improve product availability worldwide. In addition to distributing more than 15,000 manufacturer brands, the company provides specialised technical and training services.

“For over 20 years, Noble’s team has delivered mission-critical support to the government agencies and commercial customers who depend on us most,” said Tom Noble, founder and chief executive of Noble. “After a thorough evaluation of our options, we determined that this process is the right path to preserve the value of our business, while allowing us to continue meeting our obligations to the customers and partners we serve.

“Unfortunately, we were forced to make this decision because the company could not withstand the significant headwinds it has faced over the last several months,” he continued. “This has left the company holding approximately $100m of inventory and related obligations that Noble acquired, warehoused and maintained.”

Among the most significant challenges facing the company was the Pentagon’s Defense Logistics Agency (DLA), which terminated and declined to renew key government agreements. According to a declaration filed with the court, the DLA informed Noble in December 2024 that it would not renew the company’s 10-year, $1.2bn Federal Supply Group 53 (FSG-53) contract beyond June 2026. The contract was Noble’s largest single-award agreement and covered the supply of aerospace products to the agency.

The company said the DLA also failed to complete contract closeout procedures and inventory buyback arrangements, leaving Noble with approximately $70m in inventory and related purchase obligations acquired to support the FSG-53 programme.

Court filings indicate that Noble’s financial difficulties were compounded by further contract setbacks. Shortly before the Chapter 11 filing, the company disclosed that the DLA had terminated hundreds of millions of dollars’ worth of orders under another government programme, increasing pressure on liquidity and working capital. Noble has stated that it intends to challenge that decision while evaluating strategic alternatives, including a potential sale process.

Acting as restructuring and corporate counsel is Kirkland & Ellis LLP, with Cole Schotz P.C. serving as Delaware counsel and Portage Point Partners, LLC acting as restructuring adviser. Robert Albergotti of Portage Point Partners is serving as chief transformation officer.

The company has filed a series of customary ‘first day’ motions seeking authority to continue operating in the ordinary course during the Chapter 11 process. These requests include permission to continue paying employee wages and benefits and to maintain support for customers, subject to the requirements of the Bankruptcy Code and court approval.

Fraser Tennant