CNN: A wave of oil bankruptcies is on the way
CNN reports: The first domino in the oil industry has fallen. Whiting Petroleum, once a rising ...
US oilfield services provider McDermott International Inc (MDR.N) said on Tuesday it would file for prepackaged bankruptcy protection under Chapter 11, as it looks to cut debt that ballooned following a major acquisition in 2018.
The restructuring will be financed by a debtor-in-possession (DIP) financing of $2.81bn, the company said. As part of the deal, McDermott has also entered a stalking-horse agreement to sell its Lummus Technology unit for $2.73bn.
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