Energy industry contractor McDermott International has filed for Chapter 11 bankruptcy as it looks to eliminate over $4.6 billion of debt. The company said on Tuesday it has the support of more than two-thirds of all its funded debt creditors for a restructuring transaction that will equitize nearly all its funded debt.The restructuring transaction will be implemented through a prepackaged Chapter 11 process that will be financed by a debtor-in-possession (DIP) financing facility of $2.81 billion.Subject to court approval, McDermott expects the DIP financing, combined with cash generated by McDermott, to enable it to stabilize its cash flows, continue operating in the normal course and fulfill its commitments to key stakeholders, including customers, suppliers, joint-venture partners, business partners and employees.The company also has secured committed exit financing of over $2.4 billion in letter of credit facility capacity and will emerge from Chapter 11 with approximately $500 million in funded debt.McDermott said the restructuring transaction will strengthen its balance sheet, normalize its trade debt and position the company for long-term growth.All of McDermott’s businesses are expected to continue to operate as normal for the duration of the restructuring.The company intends to commence the prepackaged Chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of Texas later today.It plans to move swiftly toward Court approval of the plan of reorganization, with confirmation expected within approximately two months from filing.As part of the restructuring transaction, subsidiaries of McDermott have entered into a share and asset purchase agreement with a joint partnership between The Chatterjee Group and Rhône Group for the court-supervised sale process for Lummus Technology.Under the terms of the agreement, the joint partnership has agreed, and is committed, to acquire Lummus Technology for a base purchase price of $2.725 billion. McDermott will have the option to retain or purchase, as applicable, a 10 percent common equity ownership interest in the entity purchasing Lummus Technology.McDermott expects to hold an auction in approximately 45 days to solicit higher or better bids for the Lummus Technology business. Either the joint partnership or the winning bidder at the auction will purchase Lummus Technology as part of the Chapter 11 process, subject to regulatory and court approval.Proceeds from the sale of Lummus Technology are expected to repay the DIP financing in full, as well as fund emergence costs and provide cash to the balance sheet for long-term liquidity.As a result of the upcoming Chapter 11 filing, McDermott expects to be delisted from the New York Stock Exchange within the next 10 days.
Marc Wilson will head into next season with European qualification on his mind after helping Stoke to a second successive top-10 finish. The 27-year-old Republic of Ireland defender is hoping to sign off the current campaign with a Euro 2016 qualifying victory over Group D rivals Scotland in Dublin next weekend, but after his summer break he has lofty aims on the club front too. Asked if the Potters would have Europe in their sights when they get back down to Barclays Premier League business in August, Wilson said: “To be honest, I think that’s what the chairman’s aim is going to be this year. He is going to try to push. Press Association “Hopefully, we sign a few more players who can give us that extra push because we are not that far off it at this moment in time with the team we have got. “We had a lot of injuries this year, a lot of bad injuries. Before, our injury record I think was up there with the best in the league, and this year it’s gone right down there with the worst. “We struggled with injuries this year but we still managed to have a good season.” Stoke have won admirers with the brand of football they have played under current manager Mark Hughes, and it has proved hugely effective as they have built steadily on the work they did during Tony Pulis’ time at the Britannia Stadium to finish ninth two years on the trot. Wilson has spent the last five years with the club and has witnessed its development at close quarters. He said: “Stoke have had two terrific seasons the last two years finishing ninth, and each year we have achieved better points. Last year, we finished on 50 points with a minus goal difference; this year, we finished on 54 points with a positive goal difference. “There are just little targets that the manager sets us at the beginning of each season and our target was to do better than we did the year before, and that’s what we did.” In the meantime, Wilson is concentrating purely on Ireland and Thursday’s behind-closed-doors friendly against Northern Ireland before England head for Dublin on Sunday. Those two games are being used by manager Martin O’Neill as the perfect build-up for next Saturday’s clash with the Scots at the Aviva Stadium, but the Stoke man is confident all three will be fiercely contested. He said: “All the games we have got now are important games. There’s big rivalry between all the teams – Northern Ireland, even England – and they’ll be tough games. They are games we want to do well in.”
Former Black Stars forward Wilberforce Mfum has described the late Charles Kumi Gyamfi as the greatest coach in Ghana’s history.Gyamfi died on Wednesday at age 86 and he coached the Black Stars to win the 1963, 1965 and 1982 editions of the African Nations Cup to become the first man to achieve the feat on the continent.Mfum was Black Stars captain when Gyamfi handled the team in 1963 and 1965 and he said in an interview that he believed Gyamfi was the best there ever was.“I played under C.K. (as he was popularly called) when he coached us in the Black Stars in 1963 and 1965. We had met earlier in Kumasi when he played for Kotoko and we worked in the Black Stars team.”Our relationship lasted for about 40 years. I can say he is the best coach so far in Ghana’s history. He took over the national team before 1963 when he came back from his coaching course in Germany and he led us to win the African Nations Cup.”Mfum, who played for Kotoko at the time of the 1963 African Nations Cup, shared his fondest memory of Gyamfi and said he wished his former coach were still alive. “He was a friend and a father to me and what I remember the most about him was when he was in charge of Black Stars in the 1963 African Nations Cup.”It was in that tournament that I scored my famous goal against Tunisia that tore the net (Ghana drew that match 1-1). I am really sad he has passed on. I wanted him to get better and witness Ghana’s strides in sports.”–Follow Joy Sports on Twitter: @Joy997FM. Our hashtag is #JoySports