McDermott seeking bridge loan until it can sell assets

McDermott International is seeking a bridge loan to help it cover a working-capital deficit of about $1.7 billion until it can sell an asset such as its Lummus Technology unit, according to a person with knowledge of the matter.

The Houston-based company, which provides construction services to oil and gas firms, is working with advisers on ways to fix shortfalls in liquidity and working capital, according to people with knowledge of the discussions. Existing creditors are expecting to be approached for the bridge loan.

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