As expected, ailing energy contractor McDermott International Inc. announced that it will file for Chapter 11 on Jan. 21 in U.S. Bankruptcy Court in Houston, with two-thirds of its creditors supporting a "prepackaged" financial restructuring that includes $2.8 billion in operating cash and elimination of more than $4.6 billion of debt, about half the firm's total.
The Houston-based contractor also expects to be de-listed from the New York Stock Exchange within the next 10 days, but its stock will trade in the over-the-counter marketplace.