Case Background

On January 21, 2020, McDermott International, Inc. announced 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. McDermott solicited votes from its lenders and bondholders in support of a prepackaged Chapter 11 Plan of Reorganization and commenced the prepackaged Chapter 11 later in the day, on January 21, 2020 in the U.S. Bankruptcy Court for the Southern District of Texas.

The restructuring transaction will create a sustainable capital structure that matches the strength of McDermott’s operating business, and McDermott expects to emerge a stronger, more competitive company with a solid financial foundation to build upon its reputation as a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry.

All of McDermott’s businesses will continue to operate as normal and are anticipated to continue to do so for the duration of the restructuring process, which the Company expects to complete expeditiously. The Company plans to uphold its commitments to its customers, employees and other stakeholders during the process and beyond. McDermott expects to continue to pay employee wages and health and welfare benefits, and to pay all suppliers in full. All customer projects are expected to continue uninterrupted on a global basis.

More information about the restructuring, including access to Court documents, can be found on this web page or at +1 877-426-7705 (for toll-free US domestic calls) and +1 917-994-8380 (for tolled international calls) or McDermottInfo@primeclerk.com.

Additional information:

• Click here to view the First Day Motions Press Release.

• Click here to view the Company’s Restructuring Announcement Press Release.

• Click here for Restructuring Frequently Asked Questions.

• Click here to view the Company’s Letter to Suppliers.

• Click here to view the Company’s Letter to Customers.

• Media inquiries should be emailed to media@McDermott.com.

Important Information & Dates

Sale of Lummus Assets and Interests

On February 24, 2020, the Bankruptcy Court entered an order approving the bidding procedures in connection with the sale of the Lummus Assets and Interests.

Please take note of the following important dates related to the sale:

• Bid Deadline: March 2, 2020, at 4:00 p.m., prevailing Central Time
• Sale Objection Deadline: March 10, 2020, at 4:00 p.m., prevailing Central Time
• Sale Hearing: March 12, 2020, at 9:00 a.m., prevailing Central Time

 Please click below to view all documents related to the sale:

 Lummus Sale Documents

Plan & Disclosure Statement

On January 22, 2020, the Debtors filed their Joint Prepackaged Plan of Reorganization and the Disclosure Statement related thereto.  The Bankruptcy Court held a combined hearing to consider approval of the adequacy of the Disclosure Statement, confirmation of the Plan and approval of the sale on March 12, 2020, at 9:00 a.m., prevailing Central Time.  On March 12, 2020, the Bankruptcy Court entered an order approving the Disclosure Statement and confirming the Plan. On June 30, 2020 the Effective Date of the Plan occurred, and the Plan was consummated. 

Please click below to view all documents related to the Debtors' Plan & Disclosure Statement:

Plan & Disclosure Statement

First Day Hearing

A hearing on the Debtors' First Day Motions was held on January 23, 2020 at 9:00 a.m., prevailing Central Time, before the Honorable David R. Jones, United States Bankruptcy Court for the Southern District of Texas (Houston Division), 515 Rusk Street, Courtroom 400, Houston, Texas 77002.  A final hearing on certain of the Debtors' First Day Motions was held on February 24, 2020 at 12:00 p.m., prevailing Central Time.

Please click below to view and download the Debtors' First Day Motions and Orders:

First Day Motions

First Day Orders