Mayer Brown announced that it has earned “Deal of the Year” honors in the Restructuring category in the 2021 IFLR Americas Awards. The winning transaction is:
Restructuring Deal of the Year: McDermott International
Mayer Brown represented the Commercial Bank of Dubai (CBD) in connection with the restructuring of McDermott International, a provider of engineering and construction for the energy industry. By negotiating the inclusion of protective provisions within McDermott’s confirmed plan of reorganization, Mayer Brown ensured that the procurement guarantees that CDB had provided for projects undertaken in the Middle East and North Africa by McDermott’s affiliate would not be impaired. There were between 50,000 and 100,000 creditors owed money by McDermott and its dozens of subsidiaries around the world. McDermott emerged from bankruptcy in June with $2.4 billion in letter of credit capacity and $544 million of funded debt.
A three-practice, three-office Mayer Brown team represented Commercial Bank of Dubai, which is one of the top ten banks in the United Arab Emirates. The team was led by Corporate & Securities partners Jad Taha and Charles Hallab (DC and Dubai); Financial Services Regulatory & Enforcement partner Alex Lakatos (DC); and Restructuring partner Brian Trust and counsel Monique Mulcare (both New York).
Mayer Brown was also shortlisted in five “Deals of the Year” categories and two “Teams of the Year” categories.
The IFLR Americas Awards recognize the most legally innovative cross-border transactions that closed in 2020 across the Americas. To read more about the awards, please visit the website.
