McDermott says it has the support of more than two-thirds of all its funded debt creditors for a restructuring transaction that will equitize nearly all the company’s funded debt, eliminating over $4.6 billion of debt.
- Restructuring transaction will be implemented through a prepackaged Chapter 11 process that will be financed by a debtor-in-possession financing facility of $2.81 billion
- Also has secured committed exit financing of over $2.4 billion in letter of credit facility capacity and will emerge from Chapter 11 with approximately $500 million in funded debt
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