Press Release

Kirkland Advises McDermott on Successful Sanction of Restructuring Plan Involving Approximately $2.6 Billion of Secured Debt Claims and the Discharge and Release of Approximately $2 Billion of Unsecured Litigation Claims

Kirkland & Ellis is advising McDermott International, a global engineering and construction business, on the cross-border restructuring of approximately $2.6 billion of the group’s secured debt facilities and a comprehensive discharge and release of approximately $2 billion in unsecured litigation claims. The restructuring is being implemented through Restructuring Plan proceedings in England and WHOA restructuring proceedings in the Netherlands and will result in an amendment and extension of the facilities, extending maturities by three years, and a full discharge and release of litigation claims including a $1.3 billion arbitration claim owing to a Colombian state-owned entity, which was awarded against McDermott in June 2023.

The Restructuring Plan was sanctioned by the English Court on 27 February 2024 and the Dutch proceedings are expected to complete in March 2024.

The Kirkland team was led by restructuring partners John Luze, Hannah Crawford, Christopher Greco, Kon Asimacopoulos, Adam Watterson, Jeff Michalik and associates Patrick Campbell, Wesley Zhang, Patricia Loureiro, Dave Gremling, Max Freedman, Nicole Cipriano, Karra Puccia and Eric Steinfeld; litigation partners Stuart Doxford, Michael Williams and Peter Farrell and associates Ghislaine Lawless, Guy Buckle and Dana Lee; debt finance partners Lucas Spivey, Chad Davis, Marco Chan, Layton Bell, Sean McClay and associates Brock Baker, Alex Bledsoe, Darby Branch, Michael Brunetti, Richard Riles and Jacob Sims; corporate partner Adam Larson and associates Daly Brower, Analynn Gabler, Samiya Javed, William Maury, Ruan Meintjes, Nicholas Rinehart, Savannah Soto and Shelby Velasquez; tax partners Mavnick Nerwal, Alan Walker and Anthony Antioch and associate Amena Charles.