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McDermott completes comprehensive restructuring process

first_img McDermott completes comprehensive restructuring process. (Credit: Kristina Kasputienė from Pixabay.) McDermott International Ltd. (“McDermott” or the “Company”) today announced that the Company has successfully completed its restructuring process. The comprehensive balance sheet restructuring equitizes nearly all of McDermott’s $4.6 billion of funded debt. The Company emerges with $2.4 billion in letter of credit capacity and $544 million of funded debt.McDermott has completed the sale of Lummus Technology to a joint partnership between Haldia Petrochemicals Ltd., a flagship company of The Chatterjee Group, and Rhône Capital having received all required regulatory approvals and pursuant to the Company’s plan of reorganization. Proceeds from the sale of Lummus Technology will repay the debtor-in-possession financing in full, as well as fund emergence costs and provide cash to the balance sheet for long-term liquidity.“We are pleased to have completed this process so swiftly thanks to the dedication of our employees and the support of our new owners, customers, suppliers and partners,” said David Dickson, President and Chief Executive Officer of McDermott. “We will continue executing on our significant backlog, with a new capital structure to match and support the strength of our operating business, and we emerge well-positioned for long-term growth and success, even amid this period of global uncertainty. We look forward to continued delivery on customer projects. Finally, we congratulate our Lummus colleagues, and look forward to continuing our working partnership with Lummus as we move into the future.”McDermott emerges with a newly constituted Board of Directors, which has assumed its responsibilities, effective immediately.Kirkland & Ellis LLP is serving as legal counsel to McDermott, Evercore Group L.L.C. is serving as the Company’s financial advisor and AP Services, LLC, an affiliate of AlixPartners, is serving as operational advisor. Jackson Walker L.L.P. is serving as local legal counsel, Baker Botts L.L.P. is serving as corporate legal counsel and Arias, Fabrega & Fabrega is serving as Panamanian legal counsel. Prime Clerk is serving as administrative agent. Source: Company Press Release McDermott emerges with a newly constituted Board of Directors, which has assumed its responsibilities, effective immediatelylast_img read more

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BT gets SA telecoms licences

first_img4 February 2009The South African subsidiary of UK-based telecoms group BT has been awarded both individual electronic communications services (i-ECS) and electronic communication network services (i-ECNS) licences, paving the way for the company to broaden the range of networked IT services it provides in the country.The i-ECNS licence provides similar provisioning rights as presently held by local telecommunications incumbents and the major local mobile operators.“Awarding of the licences represents another milestone for BT in South Africa,” BT South Africa country manager Keith Matthews said in a statement this week.“The new licences will allow us to further expand our portfolio and offer a comprehensive set of networked IT services to our existing and new customers.”Opening up telecoms marketThis development is part of the broader opening up of South Africa’s telecommunications market, with several value added network services (VANS) operators receiving licences. BT has been operating in the South African market with a VANS licence.Last year, under pressure from the key players in the telecommunications sector, the Independent Communications Authority of South Africa decided to convert the VANS licences into individual i-ECNS and i-ECS licences.“This year has already been designated as the ‘year of bandwidth’ in South Africa as the telecommunications market deregulates,” said Matthews. “We welcome this new opportunity to deliver the full spectrum of our global know-how and technologies to this important market.”SAinfo reporter Would you like to use this article in your publicationor on your website?See: Using SAinfo materiallast_img read more

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NBA investigating Lakers amid George tampering allegation

first_imgMOST READ Don’t miss out on the latest news and information. LATEST STORIES Read Next SEA Games in Calabarzon safe, secure – Solcom chief View comments NBA: Kawhi, George seek more for Clippers than beating Lakers PLAY LIST 01:48NBA: Kawhi, George seek more for Clippers than beating Lakers00:50Trending Articles00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games UPLB exempted from SEA Games class suspension Batang Pier, Painters rise Catriona Gray spends Thanksgiving by preparing meals for people with illnesses WATCH: Streetboys show off slick dance moves in Vhong Navarro’s wedding LOOK: Venues for 2019 SEA Games SEA Games: PH’s Alisson Perticheto tops ice skating short program Brace for potentially devastating typhoon approaching PH – NDRRMC “The Lakers have been cooperative and, at this point, no findings have been made,” NBA spokesman Mike Bass said Sunday in a statement. “We have asked both teams to refrain from commenting while the investigation is ongoing.”There is no known timetable for the completion of the investigation being conducted by the New York law firm of Wachtell, Lipton, Rosen & Katz.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutGeorge is a four-time All-Star and Los Angeles native who was traded to the Oklahoma City Thunder this offseason. The Pacers traded him after George told them he planned to leave Indiana as a free agent next summer.“As the NBA’s statement made clear, we cannot comment about the specifics of any ongoing investigation,” Lakers spokeswoman Alison Bogli sai. “We can confirm, however, that we are cooperating fully with the NBA in the hope of clearing our name as soon as possible.” In this Wednesday, July 12, 2017, file photo, Oklahoma City Thunder forward Paul George answers a question at his first news conference since Oklahoma City’s blockbuster trade with the Indiana Pacers, in Oklahoma City. On Sunday, Aug. 20, 2017, the NBA said it has opened an investigation to see if the Los Angeles Lakers tampered with George while he was under contract with the Indiana Pacers. APNEW YORK — The NBA is investigating whether the Los Angeles Lakers tampered with All-Star forward Paul George while he was under contract with the Indiana Pacers.The Pacers asked the league to open the probe.ADVERTISEMENT There has been speculation for some time that George has wanted to join the Lakers. Under NBA rules, teams are not permitted to attempt to sway any player who is under contract with another team.If the Lakers are found to have tampered, the NBA could issue any combination of fines, forfeiture of draft picks or suspensions of those who were deemed to be involved. Tampering, the league has said, can be either direct or indirect — and an interview that Lakers President Magic Johnson did earlier this year on ABC’s “Jimmy Kimmel Live” did little to quell speculation about George’s potential future in Los Angeles.In that interview, Kimmel asked Johnson what constitutes tampering, and if he would be allowed to speak to George if they happened to cross paths.“We’re going to say hi because we know each other,” Johnson said. “You just can’t say, ‘Hey, I want you come to the Lakers,’ even though I’m going to be wink-winking. You know what that means, right?”George will be a free agent in 2018.ADVERTISEMENT He’s coming off a season in which he averaged a career-best 23.7 points per game, and is joining a Thunder team that already has reigning NBA MVP Russell Westbrook.“I’ve been wowed ever since we landed,” George said last month after arriving in Oklahoma City. “I got a real welcoming, and this feels like home.” LIST: Class, gov’t work suspensions during 30th SEA Gameslast_img read more

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It is my desire to start a political revolution: Rajinikanth

first_imgChennai, Jan 2 (PTI) Top actor Rajinikanth today said it was his desire to create a political revolution in Tamil Nadu, a “historic” state that facilitated major changes.”Tamil Nadu is a very historic place…be it Gandhiji discarding his usual attire and going in for a loin cloth.. everything had a start from here…many things,” he said.In a brief four-minute informal address to the media here, two days after declaring his political entry, he said “it is my desire to start from here a political revolution.”Future generations will live better if a change was facilitated now, the actor said.Everybody has a responsibility in the initiative which was like the struggle for independence, he said and added that the present one was a “democractic struggle.” Rajinikanth said he was media shy and rarely interacted with reporters.Sporting a smile, he said he was not sure on handling the media.However, he assured journalists that he would address them after party related work was done.Rajinikanth said he had worked as a proofreader in a newspaper in Karnataka for two months.To a question on “spiritual” politics interpreted by some as communal politics, Rajinikanth told reporters earlier at his residence that what he meant was politics based on truthfulness and honesty devoid of caste, creed and religion.He, however, declined to specify when he will announce the name and symbol of his proposed party.”I myself do not know,” was his reply when questioned by reporters.Asked if he will meet the people, he said in due course it will be made known.advertisement”At one go, I cannot tell you everything,” he said.Yesterday, Rajinikanth called on spiritual heads of the Ramakrishna Math here and sought their blessings. PTI VGN VIJ BNlast_img read more

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10 months agoMartinez: Man Utd don’t understand Lukaku; he’s among the best

first_imgMartinez: Man Utd don’t understand Lukaku; he’s among the bestby Paul Vegas10 months agoSend to a friendShare the loveBelgium coach Roberto Martinez has hit out at critics of Manchester United striker Romelu Lukaku.The 25-year-old has only managed six goals in all competitions in 2018-19 and was not always guaranteed a regular starting spot during former manager José Mourinho’s final few weeks in charge.”There is a negative way of assessing Romelu’s performance for Manchester United,” Martinez told The Sunday Times.”When Rom scores, everyone expects him to score, and when he doesn’t, he is almost directly the reason United haven’t won.”But Rom is ready for that challenge. He will never hide away. He understands what is expected of him. “For Belgium, he has shown he’s one of the best number nines in the world and I don’t understand why he’s being treated in a manner which he doesn’t deserve.” About the authorPaul VegasShare the loveHave your saylast_img read more

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QA PETER MANSBRIDGE ON BIEBER RETIREMENT AND THAT ONE TIME HE VOICED

center_img Peter Mansbridge was the featured speaker at Lambton College’s third annual President’s Gala on Saturday night, before which the college granted an Observer journalist an interview with the iconic Canadian broadcaster. Our apologies to Mansbridge who (to his credit) handled the following interview with all the professional grace and charm Canadians grew to love over Mansbridge’s many year at CBC’s The National.The following is lightly edited.Q: When David Letterman retired he grew out his beard. I have to ask — is this your version of the retired Letterman look? Facebook Advertisement Advertisementlast_img read more

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BC chief says they didnt give up rights for pipeline to be

first_imgChiefs and elected council members from several B.C. First Nations including the Haida, Gitxsan and Babine Lake, stepped up to share their support and stories of resistance against industry.Wayne Christian of the Secwepemc nation told the crowd that “legislative genocide” had been waged against Indigenous peoples for generations.Harvey Humchitt, a hereditary chief with the Heiltsuk First Nation in Bella Bella, where a barge ran aground spilling oil into the waters, said it only takes one incident to cause devastation. SMITHERS, B.C. – A Wet’suwet’en hereditary chief told a crowd of First Nation leaders gathered in Smithers, B.C., that no elected band council or Crown authority has jurisdiction over the land.Chief Na’Moks says the rights of the hereditary chiefs to the land have never been extinguished.He says the agreements signed by pipeline builder Coastal GasLink are illegitimate and the support shown by those gathered, and by many people around the world, proves the Wet’suwet’en hereditary leaders do not stand alone.last_img read more

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BC Liquor Distribution Branch to hold job fair in Fort St John

first_imgFORT ST. JOHN, B.C. – A B.C. Cannabis Store is one step closer to opening in Fort St. John.On July 9, the B.C. Liquor Distribution Branch will be holding a job fair in Fort St. John to recruit prospective employees for its B.C. Cannabis Store.According to LDB Senior Communications Officer, Kate Bilney, they are looking for one store manager, two assistant managers, six full-time cannabis consultants, and eight part-time/auxiliary cannabis consultants. Bilney says successful candidates will receive extensive training and will be required to undergo an Enhanced Security Screening check, in accordance with the Cannabis Control and Licensing Act.“Successful candidates will receive extensive training, concentrating on social responsibility practices related to safety and responsible adult use, comprehensive product knowledge and customer service skills. Product knowledge and an understanding of the essential elements related to cannabis products and the industry are appreciated, but not required. Retail experience is also appreciated. B.C. Cannabis Stores employees will be required to undergo an Enhanced Security Screening check, in accordance with the Cannabis Control and Licensing Act.”According to LDB, the Fort St. John store will be located at 10251 and 10215, 100 Street within the Northgate Mall complex, and is expected to open later this year.The job fair will be taking place July 9 from 12:00 pm to 6:00 p.m. at the Best Western Plus Chateau.While LDB recruiters will be collecting resumes at the event, all prospective candidates must submit their application via the LDB’s online portal.last_img read more

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Israel demolishes Palestinian community in Jordan Valley

first_imgJERUSALEM– Israeli military forces leave three families without shelter and destroy the only available water pipe to the community in the Jordan Valley.Israeli military forces demolished on Wednesday buildings belonging to the Palestinian community of Khirbet ‘Ein Karzaliyah in the northern Jordan Valley, rendering homeless the entire population consisting of three families, comprised of 10 adults and 15 minors. The residents have been left without shelter for themselves and their livestock in the harsh winter weather conditions, Israeli Human Rights Network B’Tselem Director Jessica Montell said in a report.   The Israeli military also destroy the only water pipe available to the residents. Stressing that it is unlawful to displace people from their homes and lands under the excuse of Israeli army military training in occupied territories, the report reads: “The Civil Administration determined that the buildings must be demolished, citing the argument that the community is located in a closed military zone used as a firing zone. The expulsion of residents of an occupied territory from their homes for the purpose of military training by the occupying power is unlawful. International Humanitarian Law stipulates that such expulsion is permissible only in the case of imperative military needs or to safeguard the local population.” “The domestic Israeli debates as well as the diplomatic debates are being conducted in complete detachment from the reality on the ground in the Jordan Valley, which is home to thousands of Palestinians. These Palestinian residents live in difficult conditions, subject to harassment and continuous threats from Israeli authorities,” the report added.The demolition of the residential compound in Khirbet ‘Ein Karzaliyah without offering the residents any viable alternative runs contrary to Israel’s obligations and is in blatant violation of the International Humanitarian Law rules which Israel has undertaken to uphold, Montell stated.last_img read more

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Tunisia constitution to be put to vote Saturday: assembly

first_imgTUNIS – Tunisian lawmakers will vote Saturday on adopting a long-delayed new constitution, more than three years after the revolution, constituent assembly officials said.“The vote will be held tomorrow, Saturday,” Mofdi Mssedi, spokesman for the speaker’s office, told AFP on Friday, a day after parliament completed its review of each article in the draft charter.The time of the vote has yet to be determined. “If the constitution is adopted on the first reading by a two-thirds majority, the signing ceremony will take place on Monday,” said Karima Souid, an MP and information officer at the assembly.The text must be approved by at least 145 of the 217 members of the assembly to be adopted, and would then be formally promulgated by the president, prime minister and parliamentary speaker.If it fails to achieve the necessary majority on either its first or second reading, the charter must be put to a referendum.The political parties have sought to avoid that outcome, to be able to hold legislative and presidential elections in 2014 and end the political crisis plaguing Tunisia since the assassination of two opposition MPs last year by suspected jihadist.The national assembly was elected in October 2011, nine months after the popular uprising that toppled strongman Zine El Abidine Ben Ali and touched off the Arab Spring.But its mission to adopt a new constitution within one year was repeatedly disrupted by bitter political divisions between the ruling Islamist party Ennahda and the secular opposition, together with persistent social unrest and a wave of jihadist violence.A new government of independents headed by premier designate Mehdi Jomaa should be appointed by Saturday, after Ennahda agreed, under an accord to end months of political deadlock, to hand power to a technocrat administration tasked with leading the country to fresh elections.last_img read more

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