McDermott Gets Bankruptcy Plan OK, Clearing Lummus Sale Path

U.S. Bankruptcy Judge David R. Jones in a Houston hearing approves McDermott International Inc.’s bankruptcy plan, clearing the way for a $2.725 billion sale of its Lummus Technology unit and reduction of more than $4.6 billion of debt.

• “Frankly, I’m privileged to have watched the best in the country work together to save an institution,” Jones says. “I saw the economics, and the economics were just horrible”
• Publicly-traded McDermott had full support from secured creditors for the plan, but faced resistence from some equity holders, whose shares will be canceled under the plan
  • “It is not lost on me ...