Bracewell LLP represented Crédit Agricole Corporate and Investment Bank as agent to the lenders. Kirkland & Ellis LLP served as legal counsel to McDermott, Evercore Group L.L.C. served as the Company’s financial advisor and AP Services, LLC, an affiliate of AlixPartners, served as operational advisor. Jackson Walker L.L.P. served as local legal counsel, Baker Botts L.L.P. served McDermott International as corporate legal counsel and Arias, Fabrega & Fabrega served as Panamanian legal counsel. Davis Polk advised an ad hoc group of prepetition secured term lenders and DIP term lenders. Prime Clerk served as administrative agent.
McDermott International, Ltd successfully completed its restructuring process.
The exit financing included over $2.4 billion in letter of credit facility capacity and approximately $544 million in funded debt. The comprehensive balance sheet restructuring also equitized nearly all of McDermott’s $4.6 billion of funded debt.
McDermott has completed the sale of Lummus Technology to a joint partnership between Haldia Petrochemicals Ltd., a flagship company of The Chatterjee Group, and Rhône Capital having received all required regulatory approvals and pursuant to the Company’s plan of reorganization. Proceeds from the sale of Lummus Technology will repay the debtor-in-possession financing in full, as well as fund emergence costs and provide cash to the balance sheet for long-term liquidity.
Operating in over 54 countries, McDermott is a fully integrated provider of engineering and construction solutions to the energy industry.
Bracewell represented Crédit Agricole Corporate and Investment Bank with a team including Partners Jeris Diana Brunette (Picture), Robin J. Miles, William H. Ebert, Olivia Caddy, William A. (Trey) Wood, Jason G. Cohen, Mark E. Dendinger, Todd W. Eckland, Elizabeth L. McGinley, Tom M. Tomlinson and Manuel Vera; Counsel Leslie M. Hansen; Associates Lilliana Dealbert, Angela W. NeSmith, Annemarie E. Dunleavy, John T. Flynn, Christie L. Latimer, Annie Allison, Lindsey Alhadef, Dadren Babineaux, Emily T. Carlson, Sylvia Cherem, Scott Cowie, Catherine B. Engell, Bagyasree Nambron, Catherine Todd, Miles Tonkin, Priyanka Patel, Shruthi Prabhu and Calla H. Zhou.
The Baker Botts team advising McDermott International included Ted Paris, James Mayor, Maxim Levinson, Steven Lackey, Sean Aguirre, Nathaniel Richards, Malakeh Hijazi, Joshua Dunegan, Daniel Jung, Lauren Richter, Rachel Collier, Thomas Fina, Stacy Turner, Michael Bodosky, David Cardwell, Nathan Chubb, Adam Dawson, Sofia Doudountsaki, Ella Adler, Paul Luther, Jason Wilcox, Joyce Banks, Nikolai Gryzunov.
Davis Polk advised an ad hoc group of prepetition secured term lenders and DIP term lenders with a restructuring team which included partners Damian S. Schaible and Natasha Tsiouris and associates Daniel Rudewicz and Richard J. Steinberg. The finance team included partner Monica Holland, the corporate team included partner Brian Wolfe and associate Molly I. Manning and partner Adam Kaminsky provided executive compensation advice. The capital markets team included partner Nicholas A. Kronfeld and partner William A. Curran provided tax advice.
Involved fees earner: Ella Adler – Baker Botts; Sean Aguirre – Baker Botts; Arigesta Joyce Banks – Baker Botts; Michael Bodosky – Baker Botts; David Cardwell – Baker Botts; Nathan Chubb – Baker Botts; Rachel Collier – Baker Botts; Adam Dawson – Baker Botts; Sofia Doudountsaki – Baker Botts; Joshua Dunegan – Baker Botts; Thomas Fina – Baker Botts; Nikolai Gryzunov – Baker Botts; Malakeh Hijazi – Baker Botts; Daniel Jung – Baker Botts; Steven Lackey – Baker Botts; Maxim Levinson – Baker Botts; Paul Luther – Baker Botts; James Mayor – Baker Botts; Theodore Paris – Baker Botts; Nathaniel Richards – Baker Botts; Lauren Richter – Baker Botts; Stacy Turner – Baker Botts; Jason Wilcox – Baker Botts; Lindsey Alhadef – Bracewell; Annie Allison – Bracewell; Dadren Babineau – Bracewell; Jeris Diana Brunette – Bracewell; Olivia Caddy – Bracewell; Emily Carlson – Bracewell; Sylvia Cherem – Bracewell; Jason Cohen – Bracewell; Scott Cowie – Bracewell; Lilliana Dealbert – Bracewell; Mark Dendinger – Bracewell; Annemarie Dunleavy – Bracewell; William Ebert – Bracewell; Todd Eckland – Bracewell; Catherine Engell – Bracewell; John Flynn – Bracewell; Leslie Hansen – Bracewell; Christie Latimer – Bracewell; Elizabeth McGinley – Bracewell; Robin Miles – Bracewell; Bagyasree Nambron – Bracewell; Angela NeSmith – Bracewell; Priyanka Patel – Bracewell; Shruthi Prabhu – Bracewell; Catherine Todd – Bracewell; Thomas Tomlinson – Bracewell; Miles Tonkin – Bracewell; Manuel Vera – Bracewell; William Wood III – Bracewell; Calla Zhou – Bracewell; William Curran – Davis Polk & Wardwell; Monica Holland – Davis Polk & Wardwell; Nicholas Kronfeld – Davis Polk & Wardwell; Molly Manning – Davis Polk & Wardwell; Daniel Rudewicz – Davis Polk & Wardwell; Damian Schaible – Davis Polk & Wardwell; Richard Steinberg – Davis Polk & Wardwell; Natasha Tsiouris – Davis Polk & Wardwell; Brian Wolfe – Davis Polk & Wardwell; Adam Kaminsky – Fried Frank Harris Shriver & Jacobson;