McDermott cancels Lummus auction; will seek OK of $2.73 billion bid

By Caroline Salls

Pittsburgh, March 4 – McDermott International, Inc. cancelled the auction for its Lummus Technology assets and will ask the U.S. Bankruptcy Court for the Southern District of Texas to approve the $2,725,000,000 stalking horse bid submitted by a joint partnership between Chatterjee Group and Rhone Group, according to a notice filed Tuesday.

As previously reported, McDermott will have the option to retain or purchase a 10% common equity ownership interest in the entity purchasing Lummus Technology.

The company said no other qualified bids were received ahead of the March 2 bid deadline.

The sale hearing is scheduled for March 12.

McDermott is a Houston-based provider of technology, engineering and construction solutions to the energy industry. The company filed bankruptcy on Jan. 21 under Chapter 11 case number 20-30336.

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