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McDermott owes contractors with ties to Louisiana, amid bankruptcy
Posted on 2/19/20 at 1:45 pm
Posted on 2/19/20 at 1:45 pm
Looks like this might have a big impact on a number of Louisiana companies.
Advocate
Houston-based McDermott International Inc. — a company with ties in both New Orleans and Baton Rouge — owes tens of millions to businesses across Louisiana.
There are between 50,000 and 100,000 creditors owed money by McDermott and its dozens of subsidiaries around the world. It was not immediately clear how many have ties to Louisiana but among the 50 largest creditors listed there were several owed a few million each.
BoMac Contractors Ltd., headquartered in Beaumont, Texas, is owed more than $13.5 million in trade debt by McDermott. BoMac Contractors has offices in Lake Charles and New Orleans.
Houston-based Apache Industrial Services, which has offices in Morgan City, Westlake and Prairieville, is owed another $5.4 million.
Meanwhile Westlake-based Sun Industrial Group is owed another $4.7 million and Baton Rouge-based MMR Constructors is owed $2.7 million by McDermott.
Advocate
Houston-based McDermott International Inc. — a company with ties in both New Orleans and Baton Rouge — owes tens of millions to businesses across Louisiana.
There are between 50,000 and 100,000 creditors owed money by McDermott and its dozens of subsidiaries around the world. It was not immediately clear how many have ties to Louisiana but among the 50 largest creditors listed there were several owed a few million each.
BoMac Contractors Ltd., headquartered in Beaumont, Texas, is owed more than $13.5 million in trade debt by McDermott. BoMac Contractors has offices in Lake Charles and New Orleans.
Houston-based Apache Industrial Services, which has offices in Morgan City, Westlake and Prairieville, is owed another $5.4 million.
Meanwhile Westlake-based Sun Industrial Group is owed another $4.7 million and Baton Rouge-based MMR Constructors is owed $2.7 million by McDermott.
3
Posted on 2/19/20 at 1:50 pm to MrLSU
quote:
There are between 50,000 and 100,000 creditors owed money by McDermott and its dozens of subsidiaries around the world.
Damn! Thats a lot of $$$$$
Posted on 2/19/20 at 1:53 pm to MrLSU
Is this a product of Shaw/CBI frick ups?
Posted on 2/19/20 at 1:53 pm to MrLSU
Well from the article....nothing to see here
quote:
Lenders are expected to vote on the deal no later than Wednesday. Creditors are not among those voting on the plan because they are expected to be paid in full.
If the plan filed in a Texas bankruptcy court is approved in the coming weeks, it could bode well for businesses that have trade debt with McDermott and its Shaw Group and CB&I subsidiaries, which filed for bankruptcy as well.
Posted on 2/19/20 at 2:25 pm to tgrbaitn08
I know a few companies that are owed money and they all expect to be paid in full as they have been getting partials.
Posted on 2/19/20 at 2:30 pm to EveryoneGetsATrophy
Hope and pray.
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