McDermott will file Chapter 11, finds bidder for Lummus Technology

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.…

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