McDermott International Inc. https://www.mcdermott.com/ is preparing to file for bankruptcy as soon as next week to address its more than $4 billion debt load, according to people with knowledge of the matter. The Houston-based company, which builds oil platforms and gas-export plants for energy producers, is negotiating a restructuring plan that could see its debt converted into equity with existing term-loan lenders getting the majority of the shares, said the people. Unsecured creditors would receive less than 10% of the equity along with warrants, one of the people said. The terms of the restructuring are still being negotiated and could change, according to the people, who asked not to be identified because the talks are private. Baupost Group and HPS Investment Partners may provide a bankruptcy loan of about $2 billion, the people said. McDermott has been under significant pressure since September, when its stock and bonds plunged on news that it had hired turnaround advisers. The company has struggled to integrate its acquisition of Chicago Bridge & Iron Co. and clear a backlog of projects, crimping earnings. McDermott said to file bankruptcy as soon as this week https://www.worldoil.com/news/2020/1/... 3 Weeks Ago, the Wall Street Journal and Bloomberg reported that McDermott Is in Talks With Lenders to File Bankruptcy https://www.worldoil.com/news/2019/12... Schlumberger Posts $10B Loss in 2019: https://www.rigzone.com/news/schlumbe... In May 2019, oil service company Weatherford filed CHapter 11 bankruptcy: https://www.reuters.com/article/us-we... Oil Price has the best free oil market research along with good oil price charts: https://oilprice.com/