McDermott International Inc. struck a deal for its lenders to wait at least six more days before they declare a default, the engineering company said as it continues restructuring negotiations. The company missed an interest payment to its junior bondholders in November and entered into a forbearance agreement that was due to expire at midnight Wednesday. Top-ranking lenders extended the forbearance deadline, although junior bondholders didn’t, putting them in a position to declare a default and accelerate their claims, potentially...

Source: Wall Street Journal January 15, 2020 19:52 UTC