January 21, 2020 / 1:13 PM / a month ago

CORRECTED-McDermott to file for Chapter 11 bankruptcy protection

(Corrects headline to make it clear that McDermott has not filed but plans to file for Chapter 11 bankruptcy protection)

Jan 21 (Reuters) - U.S. oilfield services provider McDermott International Inc plans to file a Chapter 11 bankruptcy protection with the U.S. Securities and Exchange Commission on Tuesday.

The restructuring deal will be implemented through a Chapter 11 process that will be financed by a debtor-in-possession financing facility of $2.81 billion, the company said.

Texas-based McDermott's total debt stood at $9.86 billion as of Nov. 4, 2019.

The company's shares were down 15% in premarket trade. (Reporting by Shradha Singh in Bengaluru)

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