- Financial restructuring transaction supported by more than two-thirds of all funded debt creditors
- Transaction to equitize nearly all funded debt; company to emerge with committed letter of credit financing and only $500 million of funded debt
- Restructuring to be implemented through prepackaged Chapter 11 process to be commenced later today and on expedited schedule with the support of $2.81 billion debtor-in-possession financing
- Customer projects to continue seamlessly; all operations continue in normal course
- Plan provides that all suppliers will continue to receive payments and be paid in full
- Agreement to sell Lummus Technology to The Chatterjee Group and Rhône Group for $2.725 billion, subject to higher or otherwise better bids received through a court-supervised auction process
PR Newswire
HOUSTON, Jan. 21, 2020
