CORRECTED-McDermott to file for Chapter 11 bankruptcy protection

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(Reuters) – U.S. oilfield services provider McDermott International Inc (MDR.N) plans to file a Chapter 11 bankruptcy protection with the U.S. Securities and Exchange Commission on Tuesday.

The restructuring deal will be implemented through a Chapter 11 process that will be financed by a debtor-in-possession financing facility of $2.81 billion, the company said.

Texas-based McDermott’s total debt stood at $9.86 billion as of Nov. 4, 2019.

The company’s shares were down 15% in premarket trade.

(This story corrects headline to make it clear that McDermott has not filed but plans to file for Chapter 11 bankruptcy protection)

Reporting by Shradha Singh in Bengaluru

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