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January 17, 2020

On January 21, 2020, McDermott International, Inc. announced that it has the support of more than two-thirds of all its funded debt creditors for a restructuring transaction that will equitize nearly all the Company’s funded debt, eliminating over $4.6 billion of debt. McDermott commenced solicitation of votes from its lenders and bondholders in support of a prepackaged Chapter 11 Plan of Reorganization and commenced the prepackaged Chapter 11 filing later in the day, on January 21, 2020 in the U.S. Bankruptcy Court for the Southern District of Texas.

The full announcement can be found here.

McDermott common stock will continue to trade in the over-the-counter marketplace (symbol MDRIQ) throughout the pendency of the Chapter 11 process. The shares are proposed to be cancelled as part of McDermott’s restructuring.

Upon the Chapter 11 filing, more information about McDermott's restructuring, including access to Court documents, will be available at https://cases.primeclerk.com/McDermott or contact Prime Clerk, the Company's noticing and claims agent, at +1 877-426-7705 (for toll-free U.S. domestic calls) and +1 917-994-8380 (for tolled international calls), or email McDermottInfo@primeclerk.com.

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