The WHOA restructuring plan of McDermott, offered by Freshfields Bruckhaus Deringer ('Freshfields') partner Michael Broeders, was successfully sanctioned today.

Michael Broeders was appointed by the Amsterdam Court as Restructuring Expert last October to take over the conduct of the WHOA restructuring proceedings of McDermott, an international EPC contractor active in the energy industry, following objections against the initial restructuring plan of McDermott raised by Reficar and a group of secured lenders.

The sanctioned WHOA restructuring plan of the Restructuring Expert, facilitates a global restructuring of McDermott via a debt/equity swap of Reficar’s arbitral award claim and an amendment and extension of the existing secured debt facilities. It is widely supported with no creditor contesting its sanctioning.

The Freshfields team advising on the proceedings is led by Amsterdam restructuring partner Michael Broeders and consisted of partners Lindsay Hingston, Craig Montgomery, Madlyn Primoff and Scott Talmadge (all restructuring), litigation partner Mijke Sinninghe Damsté, and associates Bas Kramer, Huub Boekhorst, Juliette Willems, Anne Zwolsman, Daniël van Loggerenberg, Thies de Kroon, Jorn Homan, Alex Thomson, Jamie Murray-Jones and Eleni Rawson.