McDermott says shareholders, asbestos claimants back Babcock and Wilcox plan

New York, Dec. 17 - McDermott International Inc. said its shareholders voted in favor of its proposed settlement of the Chapter 11 bankruptcy proceedings for its subsidiary Babcock and Wilcox Co. and some of its affiliates.

Of the 48,186,394 votes received, 97.6% were in favor of the resolution put to a special meeting of shareholders. The votes in favor are a majority of the shares outstanding and entitled to vote.

McDermott also said that based on court documents 89% of the asbestos personal injury claimants have voted in favor of Babcock and Wilcox's proposed plan of reorganization.

McDermott, a New Orleans energy services company, said shareholders' approval of the resolution is conditional on the company's board of directors also approving the settlement. The board will make its decision after considering any developments that might occur ahead of the effective date of the plan, including any changes in the status of the Fairness in Asbestos Injury Resolution legislation pending in the U.S. Senate.

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