McDermott, Babcock & Wilcox May Be Near Chapter 11 Deal, Company Says
August 1, 2002
NEW ORLEANS - When McDermott International Inc., the parent company of the Babcock & Wilcox Co., announced Aug. 2 that it lost nearly $250 million in the current quarter compared to a year ago, there was a silver lining. The company also claimed it has reached a tentative deal with representatives of the present and future asbestos claimants in Babcock & Wilcox's Chapter 11 proceedings. Although the company claims a number of contingencies must be met before proceeding with the plan, McDermott said it remains confident that Babcock & Wilcox, which filed for Chapter 11 protection in February 2002, …
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