A federal bankruptcy judge on March 12 approved marine and energy services contractor McDermott International’s reorganization plan to eliminate more than $4.6 billion of debt and sell its Lummus Technology for $2.72 billion. The company filed for bankruptcy on Jan. 21.
“This is a significant achievement and allows us to emerge in the near term as a stronger, more competitive player, with a sustainable capital structure that matches the strength of our operating business,” says CEO David Dickson.