Bankrupt McDermott Seeks Up to $26 Million in Executive Bonuses

Bankrupt McDermott International Inc. is seeking court approval to pay up to $26 million in incentive bonuses to 13 management team executives because they play a “central role” in the engineering company’s Chapter 11 restructuring.

Under the plan, CEO David Dickson would receive up to $12.6 million of the total, according to the company’s emergency motion filed Monday in the U.S. Bankruptcy Court for the Southern District of Texas.

The Houston-based company, which provides engineering and construction services for the oil and gas industry, also asked for up to $79.4 million in quarterly bonus payments to retain 1,112 key employees. ...