Help Desk -
9958816305, 9810335381
Email
Password

McDermott Completes Comprehensive Restructuring Process

Gasoil News - Published on Wed, 01 Jul 2020

Image Source: McDermott
McDermott International Ltd announced that the Company has successfully completed its restructuring process. The comprehensive balance sheet restructuring equitizes nearly all of McDermott's $4.6 billion of funded debt. The Company emerges with $2.4 billion in letter of credit capacity and $544 million of funded debt. McDermott has completed the sale of Lummus Technology to a joint partnership between Haldia Petrochemicals Ltd., a flagship company of The Chatterjee Group, and Rhône Capital having received all required regulatory approvals and pursuant to the Company's plan of reorganization. Proceeds from the sale of Lummus Technology will repay the debtor-in-possession financing in full, as well as fund emergence costs and provide cash to the balance sheet for long-term liquidity.

McDermott President and Chief Executive Officer David Dickson said "We are pleased to have completed this process so swiftly thanks to the dedication of our employees and the support of our new owners, customers, suppliers and partners. We will continue executing on our significant backlog, with a new capital structure to match and support the strength of our operating business, and we emerge well-positioned for long-term growth and success, even amid this period of global uncertainty. We look forward to continued delivery on customer projects. Finally, we congratulate our Lummus colleagues, and look forward to continuing our working partnership with Lummus as we move into the future."

Source :

Posted By : Yogender Pancholi on Wed, 01 Jul 2020
Related News from Gasoil segment