Bloomberg recently reported that McDermott International Inc. is preparing to file for bankruptcy as soon as next week in order to address its more than $4 billion debt load.
The company, which builds oil platforms and gas-export plants for energy producers, is negotiating a restructuring plan that could see its debt converted into equity with existing term-loan lenders getting most of the shares; unsecured creditors would receive less than 10% of the equity along with warrants.
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