Bankruptcy Law News

McDermott Said to Amend Agreement With Lenders to Buy Time (1)

Nov. 27, 2019, 4:01 PM

A group of McDermott International Inc.’s creditors agreed to let the company access an additional $350 million and give the struggling engineering and construction firm extra time to rework its borrowings, according to people with knowledge of the situation.

The company gets $250 million more for its revolving credit line and $100 million in letters of credit that were promised as part of a $1.7 billion rescue financing package disclosed in October, the people said.

Certain debt holders agreed to amend the credit agreements for McDermott’s term loan and senior-secured rescue financing, as well as hold off on collecting...

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