McDermott International Wins ABI's Third Annual International Matter of the Year Award

Alexandria, Va. - ABI is proud to announce the winners of the third annual "International Matter of the Year Award," sponsored by ABI's International Committee and presented at ABI's International North American Insolvency Symposium (formerly ABI's Cross-Border Insolvency Program), held in New York City on Nov. 6. The individuals and firms involved in the In re McDermott International, Inc., case took first place for their work on the case, which involved the U.S. collaborating with foreign jurisdictions.

The cross-border restructuring of McDermott International, a global engineering and construction business, involved approximately $2.6 billion of the group's secured debt facilities and a comprehensive discharge and release of approximately $2 billion in unsecured litigation claims. The restructuring is being implemented through restructuring plan proceedings in England and Dutch restructuring law (WHOA) proceedings in the Netherlands. Everyone involved in the case displayed excellence from beginning to end, including a high level of professional expertise, creativity and skill, which brought about the successful completion of the matter.

Key firms that served as pre-petition advisors in the case included:

1. Companies: Evercore, AlixPartners, Kirkland & Ellis, Jackson Walker, Baker Botts, Arias, Fabrega & Fabrega, NautaDutilh, Credit Suisse and Alvarez & Marsal.

2. Term-Loan Lenders: Davis Polk, Centerview Partners and Latham & Watkins.

3. Revolving Lenders: FTI Consulting, Linklaters and Bracewell LLP.

4. Unsecured Bondholders: Paul, Weiss, Rifkind, Wharton & Garrison LLP; Houlihan Lokey; Freshfields Bruckhaus Deringer; and Alvarez & Marsal.

5. Ad Hoc Group of McDermott Shareholders: Brown Rudnick.

6. Ad Hoc Lender and Equity-Holder Group (2023): PJT Partners, Davis Polk and Weil.

7. Steering Committee of Bank Lenders (2023): FTI Consulting, Linklaters and Bracewell LLP.

8. Ad Hoc Letter of Credit Group: Akin Gump Strauss Hauer & Feld LLP and Houlihan Lokey.

9. Largest Unsecured Creditor (Reficar): King & Spalding.

10. Restructuring Expert: Freshfields Bruckhaus Deringer.

11. Company Sponsor (Former) (M&A) - Sale of CB&I Storage Business Line: Goldman Sachs and Kirkland & Ellis.

12. Company Sponsor (M&A) - Mason Capital's acquisition of CB&I Storage Business Line: Citigroup and Cadwalader, Wickersham & Taft LLP.

Key firms that served as post-petition advisors in the case included:

1. Debtors: Kirkland & Ellis; AlixPartners; Evercore; Arias, Fabrega & Fabrega; Baker Botts; KPMG; PricewaterhouseCoopers; and Ernst & Young.

2. DIP LC Agent, DIP Collateral Agent, Revolving Administrative Agent and Revolving and LC Administrative Agent: Linklaters and Bracewell LLP.

3. Ad Hoc Noteholder Groups: Paul, Weiss, Rifkind, Wharton & Garrison LLP; Brown Rudnick; and Rapp & Krock.

4. Ad Hoc Group of Term Lenders: Davis Polk.

5. Consenting 2021 LC Lenders: Latham & Watkins.

6. Stalking-Horse Illuminate Buyer, LLC: Pillsbury.

7. UMB Bank as Successor Indenture Trustee for 10.625% Senior Notes Due 2024: Pryor Cashman and Hunton Andrews Kurth.

8. Company: Jackson Walker.

9. Reficar & Group of LOC Issuers: Akin Gump Strauss Hauer & Feld LLP and King & Spalding.

Honorable mentions in the contest went to the firms/individuals involved in the In re Gamida Cell Ltd.case.

Previous winners of the International Matter of the Year Award include China Fishery Group Limited (Cayman) in 2023 and In re LATAM Airlines in 2022. For more information on the contest and the activities of ABI's International Committee, please visit https://www.abi.org/membership/committees/international.

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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For conference information, visit http://www.abi.org/calendar-of-events.

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