Houston-based McDermott International Inc., an engineering and construction company specialized in oil, gas and petrochemicals that declared bankruptcy earlier this year, plans to award its top executives with millions of dollars in performance bonuses over the course of 2020. The company filed a motion with the bankruptcy court earlier in February requesting that David Jones, the judge presiding over the case, approve the bonuses. CEO David Dickson stands to nab the largest payout, with a maximum bonus of $12.66 million, according to the filing.

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McDermott International, Inc. (NYSE: MDR) with its partners, Chiyoda International Corporation and Zachry Group, today announced the beginning of commercial operation of Train 2 of the Freeport LNG project, owned by Freeport LNG Development, L.P.

Houston-based McDermott International Inc. added more than 10,000 employees to its headcount in 2019, despite financial troubles in the latter part of the year. The vast majority of that growth was hourly and craft employees, which McDermott said in the report tends to fluctuate depending on the company’s portfolio of active projects. All in all, McDermott employed 42,600 people at the end of 2019, up from 31,900 at the end of 2018.

U.S. oilfield services provider McDermott International Inc plans to file a Chapter 11 bankruptcy protection with the U.S. Securities and Exchange Commission on Tuesday. Texas-based McDermott's total debt stood at $9.86 billion as of Nov. 4, 2019.

McDermott International, Inc. (NYSE: MDR) ("McDermott") today 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.

Houston-based McDermott International Inc.’s bankruptcy came after a period of strain with its suppliers, according to court filings, but the final plan should see those vendors entirely unimpaired. As the company worked through negotiations with its various creditors ahead of the bankruptcy, its management team was aware of the limitations its liquidity issues placed on it, according to statements CEO David Dickson and Chief Transformation Officer John Castellano made to the bankruptcy court. Long before that, McDermott had already stressed its relationships with vendors and customers.

McDermott International, Inc. today announced it has been awarded a contract by a major oil and gas operator for six crude oil storage tanks in Texas. The storage tanks will be part of an energy infrastructure project linking the Permian Basin in West Texas to the Texas Gulf Coast.

Engineering company McDermott International said it would file under Chapter 11 of the bankruptcy laws in an effort to eliminate more than $4.6 billion of debt via an equity swap.

Houston-based McDermott International Inc. (NYSE: MDR) plans to file for Chapter 11 bankruptcy protection on Jan. 21, now that it has a restructuring plan in place. The company also announced Jan. 21 that it has found a stalking-horse bidder for its Lummus Technology business, which it will sell as part of the Chapter 11 process. More than two-thirds of all McDermott's funded debt creditors have agreed to support the restructuring transaction, which will eliminate more than $4.6 billion of debt.

Backed by the restructuring process and a secure exit financing of more than $2.4 billion, McDermott (MDR) looks forward to come out of bankruptcy with roughly $500 million in debt.

McDermott is discussing a restructuring plan in which its debt could be converted into equity, with its group of lenders getting the majority of the shares, the report said. Unsecured creditors would receive less than 10% of the equity along with warrants, according to one of the people cited in the Bloomberg report.

Moody's Investors Service ("Moody's") downgraded McDermott Technology (Americas), Inc.'s (McDermott) Probability of Default Rating ("PDR") to D-PD from Caa2-PD, its Corporate Family Rating ("CFR") to Ca from Caa2, the superpriority credit facilities rating to B3 from B2, the senior secured credit facilities rating to Ca from Caa2, and its senior unsecured notes rating to C from Ca.

Moody's Investors Service ("Moody's") assigned a B1 rating to McDermott Technology, B.V.'s ("McDermott") debtor-in-possession ("DIP") financing facilities including a $1.2 billion term loan and a $543 million letters of credit facility. The rating primarily reflects the collateral coverage available to lenders and the structural features of the financing facilities.

The U.S. Securities and Exchange Commission has filed an objection to part of Houston-based McDermott International Inc.’s bankruptcy plan. The SEC is taking issue with a clause of the plan that would release McDermott’s management and other affiliated individuals from liability associated with the company, according to a document the SEC filed with the bankruptcy court. Part of the SEC’s issue with the release is that it includes liability “based on actual fraud, willful misconduct, and gross negligence,” it said in the court filing.

Dignitaries pose for a photo before breaking ground on McDermott's new fabrication facility in Ras Al-Khair, Saudi Arabia. PHOTO SOURCE: PRNewsfoto/McDermott International, Inc.

Houston’s bankruptcy court approved McDermott International Inc.’s Chapter 11 plan despite protests from shareholders and the U.S. Securities and Exchange Commission. The plan leaves shareholders with canceled shares and nothing else, and it releases executives and others connected with McDermott from liability, including that “based on actual fraud, willful misconduct, and gross negligence,” according to court documents. Judge David Jones, one of Houston’s most seasoned bankruptcy judges, ended up overruling the objection, finding that the releases were part of a larger negotiated restructuring, said Sarah Foss, a Debtwire restructuring analyst.

CIT Group Inc. (NYSE:CIT) will replace Tanger Factory Outlet Centers, Inc. (NYSE:SKT) in the S&P; MidCap 400 and Tanger Factory Outlet Centers will replace McDermott International, Inc. (NYSE:MDR) in the S&P; SmallCap 600 effective prior to the open of trading on Monday, January 27. McDermott International announced it will file today to reorganize under Chapter 11 of the U.S. Bankruptcy Code.

The New York Stock Exchange intends to remove the entire class of the common stock of McDermott International from listing and registration on the Exchange on February 17.

The company's bondholders wanted equity in the reorganized company, and they were willing to fight to get it.