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McDermott’s Fast-Tracked Bankruptcy Would Hand Keys to Lenders

Jan. 22, 2020, 1:42 PM

McDermott Internationalis proposing a bankruptcy process that hands senior secured lenders 94% of the reorganized company and cancels existing equity interests, court papers show.

  • The Houston-based engineering firm’s pre-packaged plan is supported by holders of the majority of its term loan claims, senior notes and letter of credit claims, Chief Transformation Officer John R. Castellano says in a court declaration
  • Restructuring deal calls for auction of Lummus Technology unit within 45 days and a court approval of its bankruptcy plan within 60 days
  • General unsecured claims -- like vendors who are owed money -- would be repaid in full ...

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