McDermott International announced it has exited bankruptcy after successfully completing its restructuring process that has seen the U.S company sell its Lummus technology.
The comprehensive balance sheet restructuring equitises nearly all of McDermott's $4.6 billion of funded debt as the company now emerges with $2.4 billion in letter of credit capacity and $544 million of funded debt.
McDermott has completed the sale of Lummus Technology to a joint partnership between Haldia Petrochemicals, part of The Chatterjee Group, and Rhône Capital having received all required regulatory approvals and pursuant to the Company's plan of reorganisation.
In a statement, McDermott said that proceeds from the sale of Lummus Technology will repay the debtor-in-possession financing in full, as well as fund emergence costs and provide cash to the balance sheet for long-term liquidity.
McDermott emerges with a newly constituted Board of Directors.
"We are pleased to have completed this process so swiftly thanks to the dedication of our employees and the support of our new owners, customers, suppliers and partners," said David Dickson, president and chief executive officer of McDermott. "We will continue executing on our significant backlog, with a new capital structure to match and support the strength of our operating business, and we emerge well-positioned for long-term growth and success, even amid this period of global uncertainty. We look forward to continued delivery on customer projects. Finally, we congratulate our Lummus colleagues, and look forward to continuing our working partnership with Lummus as we move into the future."