MDR - MDR Stock Sinks as Outlook Concern Outweighs Financing Lifeline

MDR stock is down 12% today despite McDermott International (NYSE:MDR) coming to an agreement with lenders to access up to $1.7 billion USD in financing in order to help the embattled energy engineering and construction firm avoid bankruptcy.

Last month, McDermott revealed it has brought in turnaround experts AlixPartners LLP to help negotiate a bridging loan to cover a working-capital deficit of $1.7 billion USD following a nightmare 12 months. Under the terms of the deal, McDermott will have immediate access to $650 million USD of financing, comprised of $550 ...