NEW YORK – Bracewell LLP was among the law firms honored for its role in McDermott International’s restructuring, which was named a finalist for Restructuring Deal of the Year for the 26th annual IFLR Europe Awards. Winners will be announced April 3 at a ceremony in London.
Bracewell represented Crédit Agricole Corporate and Investment Bank on the successful refinancing of approximately $2.6 billion of letter of credit and term loan facilities. This matter, In re McDermott International, Inc., also recently won the American Bankruptcy Institute’s International Matter of the Year Award.
Led by New York partner Jeris Diana Brunette, the Crédit Agricole CIB refinancing was implemented through a cross-border restructuring process, pursuant to a transaction support agreement among a steering committee of letter of credit issuers and lenders, and an ad hoc group of cross-over lenders, participants and shareholders agreed in September 2023. The refinancing, which closed on March 25, 2024, amends and extends the facilities through June 2027.
