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MDR - McDermott: Divestiture Progress And News Is Much Needed
McDermott International Inc.
McDermott (MDR) cannot catch a break with shares having fallen sharply below the $1 mark amidst lingering concerns about bankruptcy or other sort of restructuring of the company.
Much of this has to do with a combination of unprofitable business, cost project overruns and the debt incurred following the combination with Chicago Bridge & Iron Company in 2018. This deal could easily turn out to be the nail in the coffin for the company, although swift divestment actions perhaps have a small opportunity to turn the tide.