McDermott files for Chapter 11 bankruptcy to eliminate $4.6 billion of debt

U.S. engineering and construction services company McDermott has informed that 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.

Offshore Energy Today reported on Monday that McDermott could be filing for bankruptcy over the course of this week.

McDermott said on Tuesday that the restructuring transaction would be implemented through a prepackaged Chapter 11 process that will be financed by a debtor-in-possession (DIP) financing facility of $2.81 billion.

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