In a significant move for the energy industry, McDermott International, headquartered in Texas, has successfully completed its global restructuring efforts spanning the Netherlands and the U.K. The company’s strategic maneuver aims to bolster its financial standing by extending debt maturities and settling arbitration liabilities, marking a pivotal moment in its trajectory.
McDermott Completes Global Restructuring : Restructuring Triumph
McDermott International Inc. announced Tuesday the successful conclusion of its cross-border restructuring, emphasizing the extension of debt maturities by three years and the resolution of arbitration liabilities. This milestone follows the fulfillment of activities outlined in its transaction support agreement, facilitating the extension of letters of credit and term loan facilities while resolving an arbitration award owed to Refineria de Cartagena SAS, also known as Reficar. The completion also signified the cessation of court proceedings in the Netherlands and the U.K., according to McDermott.
