McDermott enters forbearance agreement with some 10 5/8% noteholders

By Angela McDaniels

Tacoma, Wash., Dec. 2 – McDermott International, Inc. entered into a forbearance agreement with the holders of more than 35% of its 10 5/8% senior notes due 2024, according to a company news release.

The participating noteholders agreed to forbear from exercising any rights related to the interest payment due on Nov. 1, subject to certain conditions.

The forbearance period runs through Jan. 15 and may be extended by a majority of the holders party to the forbearance agreement.

McDermott said it is in discussions with additional holders of the 10 5/8% notes and anticipates that additional holders may execute the forbearance agreement in the coming days.

The company continues to pursue strategic alternatives process for Lummus Technology.

McDermott is a Houston-based provider of technology, engineering and construction solutions to the energy industry.

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