McDermott gets approval for reorganization plan

The U.S. Bankruptcy Court for the Southern District of Texas has confirmed McDermott’s plan of reorganization and approved the sale of Lummus Technology to a joint partnership between The Chatterjee Group and Rhône Capital.

McDermott filed for Chapter 11 bankruptcy in late January 2020 to eliminate $4.6 billion of debt.

The company announced the confirmation of its plan of reorganization on Thursday, March 12.

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