Restructuring and Insolvency
Linklaters Played Key Role in American Bankruptcy Institute’s International Matter of the Year: Restructuring of McDermott International
The American Bankruptcy Institute’s International Committee has recognized the restructuring of McDermott International, in which Linklaters advised Crédit Agricole CIB, as its 2024 “International Matter of the Year.”
The highly-contested, multi-billion-dollar restructuring involved the amendment and extension of McDermott’s approximately $2.6 billion letter of credit and term loan facilities and provided a comprehensive discharge and release of approximately $2 billion of unsecured litigation claims. Implementation of the restructuring was accomplished through a UK restructuring plan, two Dutch WHOAs and recognition under chapter 15 of the U.S. Bankruptcy Code.
Linklaters drew on the firm’s market-leading restructuring teams in New York, London and Amsterdam to provide a seamless multijurisdictional solution. The team was led by partners Penelope Jensen, Margot Schonholtz, Paul Kuipers, Nick Le Masurier and Christopher Hunker.
Linklaters’ top-tier global Restructuring & Insolvency practice handles the world’s most challenging and significant domestic and cross-border restructuring and insolvency assignments, across a broad range of sectors and jurisdictions. The firm’s wide-ranging practice finds creative solutions in complex debt restructurings, litigation, bankruptcy matters, distressed M&A and other asset sale transactions. The practice is top ranked globally by Chambers and Legal 500.
The American Bankruptcy Institute is the largest association of bankruptcy professionals in the United States, with nearly 10,000 members across various disciplines, including attorneys, auctioneers, bankers, judges, lenders, professors, turnaround specialists, accountants and more.
The highly-contested, multi-billion-dollar restructuring involved the amendment and extension of McDermott’s approximately $2.6 billion letter of credit and term loan facilities and provided a comprehensive discharge and release of approximately $2 billion of unsecured litigation claims. Implementation of the restructuring was accomplished through a UK restructuring plan, two Dutch WHOAs and recognition under chapter 15 of the U.S. Bankruptcy Code.
Linklaters drew on the firm’s market-leading restructuring teams in New York, London and Amsterdam to provide a seamless multijurisdictional solution. The team was led by partners Penelope Jensen, Margot Schonholtz, Paul Kuipers, Nick Le Masurier and Christopher Hunker.
Linklaters’ top-tier global Restructuring & Insolvency practice handles the world’s most challenging and significant domestic and cross-border restructuring and insolvency assignments, across a broad range of sectors and jurisdictions. The firm’s wide-ranging practice finds creative solutions in complex debt restructurings, litigation, bankruptcy matters, distressed M&A and other asset sale transactions. The practice is top ranked globally by Chambers and Legal 500.
The American Bankruptcy Institute is the largest association of bankruptcy professionals in the United States, with nearly 10,000 members across various disciplines, including attorneys, auctioneers, bankers, judges, lenders, professors, turnaround specialists, accountants and more.
