Jackson Walker served as local counsel to McDermott International and 225 of its subsidiaries and affiliates, including 107 foreign domiciled entities, in their prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. On June 30, 2020, McDermott exited bankruptcy with approximately $4.6 billion of debt eliminated.
McDermott is a premier, global upstream and downstream engineering, procurement, construction, and installation company and employs over 42,000 individuals across 54 countries and six continents.
McDermott’s prepackaged Chapter 11 cases were confirmed in less than 60 days, equitized nearly all of McDermott’s funded debt, and auctioned McDermott’s Lummus technology business supported by a “stalking horse” bid with a base purchase price of $2.725 billion.
Houston partner Matthew D. Cavenaugh represented McDermott International.
For additional insights, view the following articles:
- “McDermott exits Chapter 11 bankruptcy,” Construction Dive (July 1, 2020)
- “McDermott exits bankruptcy, completes Lummus sale,” Houston Business Journal (June 30, 2020)
- “Houston-based McDermott International exits bankruptcy,” Houston Chronicle (June 30, 2020) (subscription may be required)
- “UPDATED: At Least Six Firms in Texas Advise Parties on McDermott Bankruptcy,” The Texas Lawbook (January 21, 2020) (subscription required)
On April 16, 2021, IFLR listed McDermott International in its shortlist of the restructuring deals of the year for the IFLR Americas Awards 2021. Winners will be announced on May 20, 2021. For more information, view the announcement of the IFLR Americas Awards 2021 shortlist.
Founded in 1887, Jackson Walker has played a vital role in the growth and development of Texas business. With more than 400 attorneys across seven Texas-based offices, we are the third-largest law firm in the state and have been recognized by Law360 as a “Texas Powerhouse” and an “elite law firm” that regularly provides counsel to industry-leading clients on highly complex transactions. The Firm is ranked nationally in 27 practice areas in the U.S. News’ “Best Law Firms” rankings, has nine Chambers-ranked practices and 16 practice areas with Chambers-ranked attorneys, and has been recognized as a BTI Client Service A-Team since 2014. To explore Jackson Walker’s experience representing retailers in seeking bankruptcy protection amid the pandemic, visit our Bankruptcy, Restructuring, & Recovery and Debtor Representation practice pages.