Episode
CB & I UK LTD chapter 15 hearing 10-10-23, before #Bankruptcy Judge Jones sitting in for Judge Lopez, #McDermott #McDermottInternational
- Published
- Oct 21, 2023
- Duration seconds
- 3553
- Processing state
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- https://rss.com/podcasts/the-comi/1183351
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Summary
Hey! I'd love to hear your thoughts, send me a voice note. For more information, see press release - MCDERMOTT ANNOUNCES TRANSACTION SUPPORT AGREEMENT WITH KEY FINANCIAL STAKEHOLDERS.... Reaches Transaction Support Agreement with More Than 75% of Secured Letter of Credit Facility Providers, Funded Debt Creditors and Equity Holders Receives $250 Million in New Capital The Agreement Extends Company's Loans and Letter of Credit Facilities Three Years, Until Mid-2027 Company to Continue All Operations No Impairment to Vendors, Projects, or Customers To Implement the TSA and to Discharge Legal Claims Related to Prior Projects, Intends to Commence Parallel In-Court Proceedings in the Netherlands and UK for Select Non-U.S. McDermott Entities HOUSTON, Sept. 8, 2023 /PRNewswire/ -- McDermott International, Ltd ("McDermott" or the "Company") today announced that it has entered into a transaction support agreement ("TSA" or the "Agreement") with more than 75%, in aggregate, of its secured letter of credit ("LC") providers, funded debt creditors and equity holders to initiate a financial restructuring process to strengthen its capital structure, enhance its liquidity position, and further position the Company for long-term success. Additionally, the Company has received $250 million in new capital from a group of its existing equity holders, which will support its ability to operate its business, deliver on existing projects and expand backlog with new client projects. Under the terms of the Agreement, McDermott will amend and extend its term loans and LC facilities for three years, through mid-2027 with no change in pricing, increase the company's liquidity, and discharge certain legacy legal liabilities. To implement the Agreement, McDermott International Holdings B.V. and Leala…