Deals
McDermott Files For Bankruptcy, Plans to Sell Lummus Unit
- Troubled engineering firm files for Chapter 11 in Houston
- Reaches deal to sell business unit for $2.725 billion
This article is for subscribers only.
McDermott International Inc. filed for bankruptcy after the engineering and construction company reached an agreement with creditors to tackle debt acquired through a botched acquisition.
The Houston-based company has estimated liabilities of between $1 billion and $10 billion, according to the filing in the Southern District of Texas.