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$900M Judgment: King & Spalding’s Big Win for Unsecured Creditor

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King & Spalding Secure $900M Judgment for Colombian Refinery | Texas Lawyer
















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https://www.law.com/texaslawyer/2024/03/25/900m-judgment-king-spaldings-big-win-for-unsecured-creditor/

Mike Stenglein, partner. (Courtesy photo: Kirkland & Ellis)

NEWS

The parties have been in litigation for nearly a decade.

March 25, 2024 at 05:06 PM

5 minute read

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What You Need to Know

  • A bankruptcy court in Houston recognized parallel United Kingdom and Dutch restructuring plans for McDermott International.
  • The plans include payments of nearly $900 million to a Colombian oil refinery company.
  • The Colombian company was an unsecured creditor opposing a plan that would have erased its $1.3 billion arbitration award against a McDermott subsidiary.

U.S. Bankruptcy Judge Christopher Lopez of the Southern District of Texas entered three orders to complete a nearly $900 million payment for a Colombian company in the McDermott International Ltd. bankruptcy.

Attorneys with King & Spalding represent Refinería de Cartagena S.A.S., or Reficar, a Colombian fossil fuels refinery that is part of the Ecopetrol Group.

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