Acquisition And Financial News … McDermott
November 30, 2004
McDermott announced that the Chapter 11 filing of its subsidiary Babcock & Wilcox Co. was confirmed by the U.S. Bankruptcy Court for the Eastern District of Louisiana, on Oct. 8. The company filed for bankruptcy in New Orleans on Feb. 22, 2000, as a result of asbestos-related claims. The company said the plan for financial reorganization will not become effective until all appeals have been exhausted.