Report: McDermott set to file for bankruptcy

McDermott International could be filing for bankruptcy over the course of this week.

Citing people close to the matter, Bloomberg reports the company is looking into a restructuring plan to convert its more than $4 billion (EUR 3.61) debt into equity.

The majority of the shares will be owned by the group of lenders according to the report. Unsecured creditors are set to receive less than 10 percent of the equity.

The restructuring is still under negotiation and could change, with Baupost Group and HPS Investment Partners reported as potential providers of a $2 billion bankruptcy loan.

LNG World News Staff