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EPC giant McDermott files bankruptcy
Jan. 22, 2020
Source: Bloomberg

EPC giant McDermott files bankruptcy

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.

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