Linklaters has advised Crédit Agricole CIB on the successful cross-border restructuring of McDermott International, a global engineering and construction business, which closed on March 25, 2024.
The restructuring, which was agreed with a steering committee of lenders and letter of credit issuers (including Crédit Agricole CIB) and an ad hoc group of cross-over lenders and shareholders via a transaction support agreement in September 2023, amends and extends (by three years) McDermott’s approximately $2.6 billion letter of credit and term loan facilities and provides a comprehensive discharge and release of approximately $2 billion in unsecured litigation claims.
Implementation of the restructuring was accomplished through the English Court’s sanctioning of the Restructuring Plan on February 27, 2024, and the Dutch Court’s confirmation of the WHOA Plans on March 21, 2024. The English and Dutch orders received chapter 15 recognition in the United States on March 22, 2024.
Linklaters drew on the firm’s market-leading restructuring teams in New York, London and Amsterdam to provide a seamless multijurisdictional solution. The team was led by partners Penelope Jensen, Margot Schonholtz, Paul Kuipers, Nick Le Masurier and Christopher Hunker. The New York team included managing associate Ramsey Scofield, and associates Curtis Smith and Jihe Kim. The London team included managing associate Ilya Andalashvili and associate Kajal Kandeth. The Amsterdam team included managing associates Marc Noldus and Jim Koek and associates Yenny Mak and Esther van der Meulen.
Linklaters’ top-tier global Restructuring and Insolvency practice handles the world’s most challenging and significant domestic and cross-border restructuring and insolvency assignments, across a broad range of sectors and jurisdictions. The firm advises financial institutions, investment funds, asset managers, global companies, financial advisors and other stakeholders on all phases of complex debt restructurings, litigation, bankruptcy matters, distressed M&A and other asset sale transactions. The practice is highly ranked by Chambers around the world.
