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Deal or Case news
NautaDutilh advises McDermott International, a global engineering and construction business, on the cross-border restructuring of approximately USD 2.6 billion of the group’s secured debt facilities and a comprehensive discharge and release of approximately 1.3 billion in unsecured litigation claims.

The restructuring is being implemented through the ‘Wet homologatie onderhands akkoord’ (WHOA) restructuring proceedings in the Netherlands and UK restructuring plan proceedings in England.

After successfully obtaining approval from the English court, McDermott now also secured the sanctioning of its two WHOA plans in the Netherlands. The restructuring will result in an amendment and extension of the facilities. It will also result in a full discharge and release of litigation claims owing to a Colombian state-owned entity, which was awarded against McDermott in June 2023. Following the hearing in the US Chapter 15 process on the recognition of the Dutch and English judgements in the US, the restructuring is expected to complete by the end of March 2024.

NautaDutilh acts alongside Kirkland & Ellis in the US and London with a team led by Teun Struycken and Marc Orval.

The parallel proceedings in the UK and the Netherlands required meticulous preparation, a great deal of mental flexibility, and business and financial acumen to navigate uncharted waters
Teun Struycken, Banking & Finance partner
It was a real pleasure to work with the teams of McDermott, Kirkland & Ellis, Alvarez & Marsal and Grant Thornton on this cross-border restructuring and to break new ground together
Marc Orval, Banking & Finance partner

Our Restructuring & Insolvency team further consisted of Lenneke de Baar, Robert Woudenberg, Catrien Rozeman, Robert van Galen, Saskia Heumakers, Beike Baaijens, Arthur Boitelle and Marlies van de Meulengraaf.

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