Mike Stenglein, partner. (Courtesy photo: King & Spalding) $900M Judgment: King & Spalding's Big Win for Unsecured Creditor
The parties have been in litigation for nearly a decade.
March 25, 2024 at 05:06 PM
5 minute read
Bankruptcy
What You Need to Know
- A bankruptcy court in Houston recognized parallel United Kingdom and Dutch restructuring plans for McDermott International.
- The plans include payments of nearly $900 million to a Colombian oil refinery company.
- The Colombian company was an unsecured creditor opposing a plan that would have erased its $1.3 billion arbitration award against a McDermott subsidiary.
U.S. Bankruptcy Judge Christopher Lopez of the Southern District of Texas entered three orders to complete a nearly $900 million payment for a Colombian company in the McDermott International Ltd. bankruptcy.
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