(Bloomberg) — McDermott International Inc. will file for bankruptcy after the engineering and construction company reached an agreement with creditors to tackle debt acquired through a botched acquisition.The Houston-based company said that it has the support of two-thirds of the holders of its funded debt in a pact that will eliminate more than $4.6 billion of debt by swapping it for equity, according to a statement. McDermott also agreed to sell its Lummus Technology unit for at least $2.725 billion to a joint partnership between the Chatterjee Group and Rhône Group, it said. The company plans to file for Chapter …read more
Source:: Yahoo Finance
