(Bloomberg) -- McDermott International, Inc. is mulling options, including a sale, for its storage and tank business, according to people with knowledge of the matter.
The engineering and construction firm is working with a financial adviser on the sale of its CB&I platform, said the people who asked not to be identified because the details are private. Bids for the business are due in early August, they added.
A McDermott representative did not respond to requests for comment.
CB&I, previously called Chicago Bridge & Iron Co., designs and builds storage facilities, tanks and terminals globally. Houston-based McDermott purchased the company in 2018, to expand its presence across across technology, engineering and construction services for the energy industry.
However, McDermott incurred so much debt to finance the deal that it filed for bankruptcy in January 2020. It exited court protection later that year after converting most of its debt to equity and emerged with $2.4 billion in letter-of-credit capacity and $544 million of funded debt, according to a statement.
©2024 Bloomberg L.P.