McDermott emerging from Chapter 11
Offshore staff
HOUSTON – The US Bankruptcy Court for the Southern District of Texas has confirmed McDermott International Inc.’s plan of reorganization and approved the sale of Lummus Technology to a joint partnership between The Chatterjee Group and Rhône Capital.
Under the terms of the plan, the company will complete a comprehensive restructuring transaction to de-lever its balance sheet and immediately position it for long-term growth. The transaction is expected to allow the company to emerge with more cash on hand than debt, eliminating more than $4.6 billion of debt.
The company expects to emerge in 2Q following the receipt of regulatory approval for the sale of Lummus Technology to the joint partnership.
03/12/2020