McDermott International restructuring

21/1/2020

Chapter 11 - US Bankruptcy Code, Restructuring

Status:

Announced

Date:

21/1/2020

Overview:

Oil and gas engineering company McDermott International is attempting to restructure its balance sheet after posting substantial losses due to debt accrued through a merger.
The Panama based multinational has filed a prepackaged Chapter 11 plan in Houston after reaching an agreement to convert $4.6 billion of its debt into equity.
The plan includes a debtor-in-possession (DIP) financing facility of $2.81 billion.

Ben Naylor - Editor

Jurisdictions:

United States
United Kingdom
Texas

Deal types:

Chapter 11 - US Bankruptcy Code
Restructuring

Practice area:

Restructuring and insolvency

Governing law:

United States

Industry sectors:

Construction and materials
Oil and gas

Firms:

Bracewell

Party: Crédit Agricole (Lender)

Lawyers: Catherine Hood, Heather Brown, Jason Cohen, Jeris Brunette, Jeris Brunette, Manuel Vera, Mark Dendinger, Olivia Caddy, Rebecca Keep, Robin Miles, William Wood III

Davis Polk & Wardwell

Party: Ad hoc group of term lenders (Creditors)

Lawyers: Brian Wolfe, Brian Wolfe, Damian Schaible, Monica Holland

Kirkland & Ellis

Party: McDermott International (Debtor)

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