Houston-based offshore contractor McDermott has reached an agreement with its creditors and stakeholders on a restructuring plan that will push out debt maturities and deliver a new cash injection.
The company has secured backing from most of its key creditors to extend repayment deadlines on its letter of credit facility and term loans to 2027.
Existing equity holders have also agreed to inject $250m of fresh capital into McDermott, which is expected to support the companys ability to operate its business, deliver on existing projects and expand its backlog with new projects.
To implement the deal, McDermott will begin in-court restructuring proceedings in the Netherlands and UK for its affiliates, with completion expected no later tha…
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