McDermott International Inc. has emerged from Chapter 11 bankruptcy, the company announced June 30.

The reorganization, which began in January, equitized most of the company's $4.6 billion of funded debt, leaving the oil and gas equipment and services company to exit with $2.4 billion in credit letter capacity and $544 million of funded debt, according to a same day news release.

In line with McDermott's restructuring plan, the company completed the previously agreed-upon sale of Lummus Technology LLC to a joint partnership between a flagship company of The Chatterjee Group and Rhône Group L.L.C. Proceeds from the sale will be used to fully repay debtor-in-possession financing, fund emergence costs and provide cash to the company's balance sheet.

The closing of the sale establishes Lummus as a standalone company, Lummus said in a separate news release.

In addition, McDermott is moving forward with a new board of directors, effective immediately. The new board includes David Dickson, who is currently CEO and president and Nils Larsen, who will serve as lead director.

Kirkland & Ellis LLP is serving as legal counsel to McDermott. Evercore Group LLC is acting as financial adviser, and AP services LLC is operational adviser.