Restructuring of the McDermott Group

The WHOA plans are a critical component of a comprehensive global restructuring of the McDermott Group. The restructuring included a parallel restructuring plan proceeding in England which was sanctioned by the High Court of Justice on February 27, 2024.

The purport of the WHOA plans is to amend and extend the McDermott Group’s secured debt through to mid-2027 and late-2027 compromise certain unsecured claims. A hearing for recognition of both the English and Dutch processes under Chapter 15 of the US Bankruptcy Code is scheduled for 22 March 2024.

Added value Loyens & Loeff

Together with Davis Polk & Wardwell LLP and Weil, Gotshal & Manges LLP, Loyens & Loeff acted as counsel to the Ad Hoc Group. Our multi-disciplinary team of restructuring, finance, litigation and tax experts are mentioned below. If you have any questions, please do not hesitate to get in touch with them.