MDR - McDermott International, Inc.

NYSE - NYSE Delayed Price. Currency in USD
0.7032
0.0000 (0.00%)
At close: 4:01PM EST
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Previous Close0.7032
Open0.6935
Bid0.0000 x 800
Ask0.0000 x 800
Day's Range0.6900 - 0.7500
52 Week Range0.5300 - 10.9900
Volume257,782
Avg. Volume14,357,557
Market Cap131.658M
Beta (5Y Monthly)2.87
PE Ratio (TTM)N/A
EPS (TTM)-26.9920
Earnings DateFeb 23, 2020 - Feb 27, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateJun 12, 2000
1y Target Est8.93
  • Moody's

    McDermott Technology (Americas), Inc. -- Moody's downgrades McDermott's PDR to D-PD following bankruptcy filing

    Moody's Investors Service ("Moody's") downgraded McDermott Technology (Americas), Inc.'s (McDermott) Probability of Default Rating ("PDR") to D-PD from Caa2-PD, its Corporate Family Rating ("CFR") to Ca from Caa2, the superpriority credit facilities rating to B3 from B2, the senior secured credit facilities rating to Ca from Caa2, and its senior unsecured notes rating to C from Ca.

  • McDermott International Files for Bankruptcy: What to Expect
    Zacks

    McDermott International Files for Bankruptcy: What to Expect

    Backed by the restructuring process and a secure exit financing of more than $2.4 billion, McDermott (MDR) looks forward to come out of bankruptcy with roughly $500 million in debt.

  • McDermott bankruptcy comes after fight between bondholders and lenders
    American City Business Journals

    McDermott bankruptcy comes after fight between bondholders and lenders

    The company's bondholders wanted equity in the reorganized company, and they were willing to fight to get it.

  • McDermott Files For Bankruptcy, Plans to Sell Lummus Unit
    Bloomberg

    McDermott Files For Bankruptcy, Plans to Sell Lummus Unit

    (Bloomberg) -- McDermott International Inc. filed for bankruptcy after the engineering and construction company reached an agreement with creditors to tackle debt acquired through a botched acquisition.The Houston-based company has estimated liabilities of between $1 billion and $10 billion, according to the filing in the Southern District of Texas.The firm has the support of two-thirds of the holders of its funded debt in a pact that will eliminate more than $4.6 billion of debt by swapping it for equity, according to an earlier statement.McDermott also agreed to sell its Lummus Technology unit for at least $2.725 billion to a joint partnership between the Chatterjee Group and Rhône Group, it said. The company’s stock fell about 10 cents a share to 60 cents before trading was halted early Tuesday morning.McDermott specializes in building and installing large, expensive items like oil platforms and natural gas plants, a business that’s under pressure as low energy prices discourage new construction. The company’s shares and bonds cratered in 2019 as it struggled with the debt taken on from its $3.5 billion takeover of Chicago Bridge & Iron Co. in 2018.As those woes mounted, the company skipped a Nov. 1 interest payment on its bonds, triggering a 30-day grace period to make the payment. Some of its bondholders had agreed to hold off on taking action until January 21.The company plans to finance its bankruptcy with a $2.81 billion debtor-in-possession loan and has secured exit financing of more than $2.4 billion. McDermott expects to emerge from bankruptcy with about $500 million in debt.(Updates with bankruptcy filing)\--With assistance from Allison McNeely.To contact the reporters on this story: Jeremy Hill in New York at jhill273@bloomberg.net;Nicole Bullock in New York at nbullock6@bloomberg.netTo contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net, Shannon D. HarringtonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • PR Newswire

    CIT Group Set to Join S&P MidCap 400 and Tanger Factory Outlet Centers to Join S&P SmallCap 600

    CIT Group Inc. (NYSE:CIT) will replace Tanger Factory Outlet Centers, Inc. (NYSE:SKT) in the S&P; MidCap 400 and Tanger Factory Outlet Centers will replace McDermott International, Inc. (NYSE:MDR) in the S&P; SmallCap 600 effective prior to the open of trading on Monday, January 27. McDermott International announced it will file today to reorganize under Chapter 11 of the U.S. Bankruptcy Code.

  • McDermott will file Chapter 11, finds bidder for Lummus Technology
    American City Business Journals

    McDermott will file Chapter 11, finds bidder for Lummus Technology

    Houston-based McDermott International Inc. (NYSE: MDR) plans to file for Chapter 11 bankruptcy protection on Jan. 21, now that it has a restructuring plan in place. The company also announced Jan. 21 that it has found a stalking-horse bidder for its Lummus Technology business, which it will sell as part of the Chapter 11 process. More than two-thirds of all McDermott's funded debt creditors have agreed to support the restructuring transaction, which will eliminate more than $4.6 billion of debt.

  • MarketWatch

    McDermott announces a prepackaged bankruptcy, stock plunges

    Shares of McDermott International Inc. tumbled 15% in premarket trading Tuesday, after the provider of engineering and construction services to the energy industry announced a prepackaged bankruptcy as part of a restructuring that eliminates $4.6 billion of debt. The company said the bankruptcy will be financed by a debtor-in-possession (DIP) financing facility of $2.81 billion, and that it has secured over $2.4 billion in letter-of-credit facility capacity. The company said it expects to emerge from bankruptcy with about $500 million in funded debt. As part of the DIP agreement, McDermott will sell its Lummus Technology business for $2.73 billion, with the proceeds from the sale expected to be used to repay the DIP financing in full. McDermott expects its stock to be delisted from the NYSE within the next 10 days. The stock is proposed to be cancelled as part of restructuring. McDermott's stock had plummeted at the end of 2019, with The Wall Street Journal reporting that McDermott had been in talks with its lenders for a bankruptcy filing within weeks. McDermott shares have lost 92.2% of their value over the past 12 months through Friday, while the SPDR Energy Select Sector ETF has declined 7.4% and the S&P 500 has gained 24.7%.

  • Reuters

    CORRECTED-McDermott to file for Chapter 11 bankruptcy protection

    U.S. oilfield services provider McDermott International Inc plans to file a Chapter 11 bankruptcy protection with the U.S. Securities and Exchange Commission on Tuesday. Texas-based McDermott's total debt stood at $9.86 billion as of Nov. 4, 2019.

  • PR Newswire

    McDermott International, Inc. Announces Comprehensive Prepackaged Restructuring Transaction to De-Lever Balance Sheet and Immediately Position Company for Long-Term Growth

    McDermott International, Inc. (NYSE: MDR) ("McDermott") today announced that it has the support of more than two-thirds of all its funded debt creditors for a restructuring transaction that will equitize nearly all the Company's funded debt, eliminating over $4.6 billion of debt.

  • TheStreet.com

    McDermott International to File Under Chapter 11 of Bankruptcy Law

    Engineering company McDermott International said it would file under Chapter 11 of the bankruptcy laws in an effort to eliminate more than $4.6 billion of debt via an equity swap.

  • Financial Times

    Texas oil groups: panhandling ahead

    The wave of bankruptcies that swept across the oil and gas industry last year is showing no sign of abating. US oilfield services provider McDermott International has become the latest to file for Chapter 11 protection. Depressed energy prices have forced oil groups to cut back on capital spending.

  • GuruFocus.com

    Marathon Petroleum and Auto Nation Are on the Casualty List

    Buying the stocks of good companies on bad news is my favorite investing method. The trick is to find bad news that is real but probably temporary Continue reading...

  • Reuters

    McDermott International may file for bankruptcy as soon as next week - Bloomberg

    McDermott is discussing a restructuring plan in which its debt could be converted into equity, with its group of lenders getting the majority of the shares, the report said. Unsecured creditors would receive less than 10% of the equity along with warrants, according to one of the people cited in the Bloomberg report.

  • Reuters

    McDermott International may file for bankruptcy as soon as next week -Bloomberg

    Oilfield services provider McDermott International Inc is preparing to file for bankruptcy as soon as next week, Bloomberg reported on Friday, citing people with knowledge of the matter. McDermott is discussing a restructuring plan in which its debt could be converted into equity, with its group of lenders getting the majority of the shares, the report said. Unsecured creditors would receive less than 10% of the equity along with warrants, according to one of the people cited in the Bloomberg report.

  • McDermott Is Said to Prepare for Bankruptcy as Soon as Next Week
    Bloomberg

    McDermott Is Said to Prepare for Bankruptcy as Soon as Next Week

    (Bloomberg) -- McDermott International Inc. is preparing to file for bankruptcy as soon as next week to address its more than $4 billion debt load, according to people with knowledge of the matter.The Houston-based company, which builds oil platforms and gas-export plants for energy producers, is negotiating a restructuring plan that could see its debt converted into equity with existing term-loan lenders getting the majority of the shares, said the people. Unsecured creditors would receive less than 10% of the equity along with warrants, one of the people said.The terms of the restructuring are still being negotiated and could change, according to the people, who asked not to be identified because the talks are private. Baupost Group and HPS Investment Partners may provide a bankruptcy loan of about $2 billion, the people said.Representatives for McDermott and HPS declined to comment. A representative for Baupost didn’t immediately respond to requests for comment.McDermott has been under significant pressure since September, when its stock and bonds plunged on news that it had hired turnaround advisers. The company has struggled to integrate its acquisition of Chicago Bridge & Iron Co. and clear a backlog of projects, crimping earnings.Late last year the company secured part of a $1.7 billion rescue financing package and entered into a forbearance agreement with some of its lenders, but that relief period expired Jan. 15. Its credit agreements were amended so that acceleration of its bonds wouldn’t constitute a default through Jan. 21. On Friday, its 2024 bonds were trading around 9.5 cents on the dollar, according to Trace bond-trading data.McDermott has also been trying to shore up liquidity through a sale of its Lummus Technology business. The company previously said it had received unsolicited bids to acquire all or parts of Lummus with a valuation exceeding $2.5 billion.To contact the reporters on this story: Allison McNeely in New York at amcneely@bloomberg.net;Katherine Doherty in New York at kdoherty23@bloomberg.netTo contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net, Boris Korby, Nicole BullockFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • PR Newswire

    Freeport LNG Train 2 Begins Commercial Operation

    McDermott International, Inc. (NYSE: MDR) with its partners, Chiyoda International Corporation and Zachry Group, today announced the beginning of commercial operation of Train 2 of the Freeport LNG project, owned by Freeport LNG Development, L.P.

  • Here's why McDermott's forbearance isn't bulletproof
    American City Business Journals

    Here's why McDermott's forbearance isn't bulletproof

    The company has about 35 percent of its lenders onboard with forbearance, but it needs more than half to unwind any other groups that decide to accelerate debt.

  • McDermott Is in Talks With Lenders to File Bankruptcy
    Bloomberg

    McDermott Is in Talks With Lenders to File Bankruptcy

    (Bloomberg) -- McDermott International Inc. shares fell for a second day after reports that the company is negotiating with lenders ahead of a bankruptcy filing that could come within weeks.The Houston-based company, which builds oil platforms and gas-export plants for energy companies, is in discussions with lenders including Baupost Group LLC and HPS Investment Partners LLC about providing a $2 billion bankruptcy loan, according to people with knowledge of the matter. McDermott shares dropped as much as 25% in early trading Tuesday.Representatives for McDermott, Baupost and HPS declined to comment on the negotiations. The company’s shares were down as much 64% Monday on the news. Dow Jones reported the news earlier.McDermott has been under pressure since September, when its stock and bonds plunged on news that it had hired advisers for turnaround advice. The company has struggled to integrate its acquisition of Chicago Bridge & Iron Co. and clear that backlog of projects, leading to lower earnings results.The company secured part of a $1.7 billion rescue financing package and forbearance agreement from some of its creditors, but that relief period expires on Jan. 15, and could be a trigger for a bankruptcy filing. On Tuesday, its 2024 bonds were largely unchanged at 11 cents on the dollar.McDermott has also been trying to shore up liquidity through a sale of its Lummus Technology business.(Updates with share price move beginning in first paragraph, details on company’s problems in fourth paragraph)\--With assistance from Katherine Burton.To contact the reporters on this story: Allison McNeely in New York at amcneely@bloomberg.net;Eliza Ronalds-Hannon in New York at eronaldshann@bloomberg.netTo contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net, Nicole Bullock, Joe CarrollFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.

  • MarketWatch

    McDermott's stock keeps tumbling after WSJ report of bankruptcy discussions

    Shares of McDermott International Inc. tumbled 15% in premarket trading Tuesday, adding to the previous session's 50% plunge, as investors brace for a potential bankruptcy filing. The Wall Street Journal reported late in Monday's session that the provider of engineering and construction services to the energy industry has been in talks with its lenders to file for bankruptcy within weeks. The stock was trading up 7.4% at a near 8-week high around 3 p.m. Eastern Monday, just before the WSJ report was released, then fell as much as 64.4% before closing down 49.7% at 75 cents. Citing people familiar with the situation, the WSJ report said a group of lenders, led by HPS Investment Partners and Baupost Group LLC were in talks to provide a loan of around $2 billion to keep McDermott's operations running during bankruptcy. McDermott's stock has plunged 88.5% year to date through Monday, while the SPDR Energy Select Sector ETF has gained 4.1% and the S&P 500 has climbed 28.5%.

  • McDermott reportedly discussing bankruptcy
    American City Business Journals

    McDermott reportedly discussing bankruptcy

    The company could file for bankruptcy protection within the next few weeks, people familiar with the situation told the Wall Street Journal and Bloomberg.

  • Rigzone.com

    McDermott in Talks With Lenders, Shares Fall

    McDermott International Inc. shares fell for a second day after reports that the company is negotiating with lenders ahead of a bankruptcy filing that could come within weeks.

  • PR Newswire

    McDermott and Chiyoda Announce First Liquid from Cameron LNG Train 2

    McDermott International, Inc. (NYSE: MDR) and its joint venture partner, Chiyoda International Corporation, a U.S.-based wholly-owned subsidiary of Chiyoda Corporation, Japan, today announced that Train 2 of the Cameron LNG project in Hackberry, La., has begun producing liquefied natural gas (LNG). While production is in the initial phases, this significant project accomplishment is a precursor to substantial completion of Train 2.

  • PR Newswire

    McDermott, Chiyoda and Zachry Group Announce First Cargo from Freeport LNG Train 2

    McDermott International, Inc. (NYSE: MDR) along with its partners, Chiyoda International Corporation and Zachry Group, announced today that the first commissioning cargo of liquefied natural gas (LNG) has been shipped from Train 2 of the Freeport LNG project on Quintana Island in Freeport, Texas. Production of LNG from Train 2 was announced on Dec. 6 and today's announcement of first cargo is a precursor to substantial completion of Train 2.

  • McDermott Awarded Technology Contract by Naftna Industrija Srbije in Serbia
    PR Newswire

    McDermott Awarded Technology Contract by Naftna Industrija Srbije in Serbia

    McDermott International, Inc. (NYSE: MDR) today announced that it has been awarded a sizeable* technology contract by Naftna Industrija Srbije (NIS) for the modernization of its existing Fluid Catalytic Cracking (FCC) unit to be implemented at their refinery in Pancevo, Serbia.

  • Oilprice.com

    The Worst Performing Oil Stocks Of 2019

    As the smart money continues to double down on the battered energy sector, it’s time for investors to also consider playing the contra trade