MDR - McDermott International Files For Bankruptcy Protection - No Recovery For Existing Equityholders
Note:
I have covered McDermott International (MDR) previously, so investors should view this as an update to my earlier articles on the company.
As expected, ailing oil-and-gas engineering and construction company McDermott International has filed for chapter 11 bankruptcy protection on Tuesday, stating approximately $9.25 billion in aggregate outstanding principal amount of funded and unfunded debt obligations:
Source: Disclosure Statement, Page 34
The company's balance sheet and liquidity have been crippled in recent quarters by a number of large-scale loss projects mostly inherited from the ill-advised acquisition of Chicago Bridge &