McDermott International Ltd announced that it has entered into a transaction support agreement – with more than 75 percent, in aggregate, of its secured letter of credit providers, funded debt creditors, and equity holders – to initiate a financial restructuring process.
The move is being undertaken to strengthen McDermotts capital structure, enhance its liquidity position, and further position the company for long-term success, McDermott outlined in a release posted on its website.
In addition, McDermott revealed in the release that it has received $250 million in new capital from a group of its existing equity holders, which it said will support its ability to operate its business, deliver on existing projects, and expand backlog with …
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