McDermott’s Lummus Bid and Executive Bonuses Approved by Court

Feb. 24, 2020, 8:05 PM

U.S. Bankruptcy Judge David R. Jones in a hearing Monday approves a sale timeline for McDermott International Inc.’s technology business along with a plan to pay the engineering firm’s top executives as much as $26 million in bonuses.

  • Jones approved sale procedures for its Lummus Technology unit that call for a bid deadline of March 2, less than two months after the bankruptcy began
    • Also affirms a stalking-horse bid for the unit of $2.725 billion from a joint partnership between the Chatterjee Group and Rhône Group, which sets a floor for further bids
  • In addition, Jones approves an incentive ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.