Confirmation of WHOA-agreement McDermott

In Herstructurering & Recovery Online (HERO) 2024 / B-030, Steef van den Boogert wrote the blog 'Confirmation of WHOA-agreement McDermott'.

McDermott is a US-based contractor and engineering firm specializing in offshore power generation and nuclear power plants. The group operates in more than 54 countries and has more than 30,000 employees. Relevant entities of the McDermott-group are the Netherlands-based McDermott International Holding B.V. ('MIH') and its subsidiary Lealand Finance Company B.V. ('Lealand'). Faced by a variety of financial challenges, McDermott prepared a restructuring plan that required the consent of courts in the United States, the United Kingdom and The Netherlands. With regard to the Dutch entities, a pubic WHOA-procedure was initiated and a court-appointed restructuring expert was appointed to draw up the plan. The WHOA process has now been successfully completed; on March 21st, the court confirmed the WHOA-plan. The confirmation was preceded by a preliminary judgement on the essential elements of restructuring expert's plan (aspectenverzoek).

In this blog Steef provides a summary of the preliminary judgement.

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