TXU, McDermott Settle Over Boilers

Law360, New York (April 19, 2007, 12:00 AM EDT) -- McDermott International Inc. unit Babcock & Wilcox Co. and energy company TXU Corp. have agreed to a global settlement on eight coal-fired boilers that were initially planned for TXU’s power generation program.

Dallas-based TXU ordered the boilers in June 2006, but revealed in February its decision to cut back on the solid-fuel projects when TXU accepted a $32 billion takeover bid by private equity firms Kohlberg Kravis Roberts & Co. and Texas Pacific Group.

McDermott said Thursday that Babcock would provide the first three boilers, which...
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