Linklaters wins “Restructuring Deal of the Year” at IFLR’s 2021 Americas Awards
IFLR recognizes the Firm’s role in the McDermott International Restructuring
Linklaters has been recognized for its role in McDermott International’s restructuring, which was awarded “Restructuring Deal of the Year” at the 2021 IFLR Americas Awards. The award was announced on May 27, 2021 and highlights Linklaters’ role as counsel to Crédit Agricole Corporate and Investment Bank, as Revolving and LC Agent and Collateral Agent under the DIP Credit Agreement and Prepetition Credit Facilities.
The comprehensive balance sheet restructuring equitized over $4.6 billion of debt and included the $2.7 billion sale of McDermott’s Lummus technology business to private equity buyers. The complex cross-border restructuring ultimately received support from all creditor constituencies and enabled McDermott to emerge from chapter 11 quickly with $2.4 billion in letter of credit capacity and $544 million of funded debt.
The Linklaters team was led by partners Margot Schonholtz, Head of U.S. Restructuring and Insolvency, and Penelope Jensen with support from Counsel Christopher Hunker and associate Siddharth Sisodia.
The 2021 IFLR Americas Awards recognize legal innovation in cross-border transactions that took place in 2020. The awards recognize Linklaters’ innovation in the cross-border matter that involved the United States, United Kingdom, Italy, Netherlands, Germany, Singapore, UAE, Russia, Bermuda, Panama and Saudi Arabia.
