‘Precedent Setting’ Agreement Ends McDermott’s Billion-Dollar Colombian Refinery Dispute
Houston-based McDermott International ended its eight-year dispute with Refinería de Cartagena Friday when an SDTX bankruptcy judge signed signed off on a remarkable $900 million package that includes the surrender of 19.9% of the company’s common equity. For Mike Stenglein of King & Spalding, the unprecedented solution marks the end, not only of a grueling international litigation, but resolves all doubt that his Colombian clients were responsible for billions lost in their refinery's construction.

