McDermott emerging from Chapter 11

March 12, 2020
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.

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

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