McDermott International, an energy contractor headquartered in Houston, Texas, announced in a press release this week that it is filing for a Chapter 11 bankruptcy as part of a restructuring strategy.

The plan includes the sale of its asset, Lummus Technology, to The Chatterjee Group and Rhône Group for $2.7 billion. The sale must be approved by a bankruptcy judge through an auction process, though. 

Things have been busy in Washington lately, in a surprise to no one. The good news, though, is that some of what's happened could potentially lead to lower materials prices for the construction industry—or at least the mitigation of price fluctuation.

Here's two updates you need to know: