McDermott International exits bankruptcy through Lummus sale

OFFSHORE ENERGY | U.S. engineering and construction services company McDermott International has completed its restructuring process by shedding nearly all of the company’s $4.6 billion of funded debt.

McDermott said on Tuesday that it emerges from bankruptcy with $2.4 billion in letter of credit capacity and $544 million of funded debt.

Exiting bankruptcy, which the company filed for back in late January 2020, was enabled through the $2.7 billion sale of Lummus technology to a joint partnership between Haldia Petrochemicals and Rhône Capital.

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