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The leading engineering and consultancy firm, McDermott has filed for bankruptcy. While filing at the Southern District of Texas, the firm has estimated its liabilities to lie between $1 billion and $10 billion. McDermott has also decided to liquidate Lummus Technology unit for at least $2.725 billion. The company has been struggling with the debt taken on from its $3.5 billion takeover of Chicago Bridge & Iron Co. in 2018.
