For first quarter, under Chapter-11 bankruptcy protection McDermott reports $1.4 billion loss on $1.9 billion revenues. Latest period did include $884 million impairments on property and equipment and further $94 million on goodwill. Total Tyra... — read more
Topics regarding layoffs at McDermott International Inc.
Do we need DD's expertise that badly ??????
There is another bankruptcy hearing tomorrow with the United States Trustee. Any idea what this is about?
I cant get a straight answer from corporate.
Gist of the email... no more hiring & no more raises for the foreseeable future... I better not see one more stinking cent or one more transfer of stocks to the already grossly overcompensated BOD or Executives for running the company in the... — read more
that last email from DD sounds ominous, but is not surprising. Oil is in the 20s... that means it is time to cut jobs. You got to wonder if MDR will make it out of chapter 11.
Bellyaching about the buses helps noone !
DD needs more funding.
Any news out there about possible office closings due to the Corona virus particulary my office location in Plainfield, Illinois?? If the office would close, what is the possibility that our pay would continue? If the offices stay open, what is... — read more
Workers on the Hackberry Louisiana LNG site are still being crammed on buses to and from the jobsite as of yesterday. So much for social distancing...
The SEC is investigating statements made by the company before its bankruptcy. "Federal regulator objects to clause in McDermott bankruptcy "Commission has filed an objection to part of Houston-based McDermott International Inc.’s bankruptcy... — read more
Office is done and gone. Everyone was laid off this week.
What are your thoguhts?
Heard some corporate do nothings are going to get cut this week. If you don’t have a charge number then you’re gone.
Yep. Sounds about right.
Does anyone know the truth about the sale of the US fabrication shops. All we are told at all the meetings first quarter. I wonder why they keep laying off skilled labor and not office workers or managers. Instead they move people around to try to... — read more
Regardless if it’s customary or not. DD should renounce his bonus. He already received one last year. Him giving up his bonus could save some jobs. Layoffs still... — read more
All said and done its the individual shareholders, hard working employees, and the suppliers who don't get paid are the real victims. Management walks away with golden parachutes, retention bonus' and other perks they feel entitled to. McDermott and... — read more
For all of the individual investors in MDR common stock where your investment shares are being cancelled and made ZERO value, you can opt out of the resolutions to hold all parties harmless. By doing this all of Bad Actors in the demise of MDR stock... — read more
Unbelievable that he is still here. How? Banks own and run the company now. Anyone start a pool yet on when his last day will be and how many more millions he will get? I’d buy a couple of squares.
So - what was your first clue....the optimistic town halls followed by dismal earning reports; promises to change things up on "challenged" projects then seeing no change or get worse; spending months "studying" software only to discontinue any that... — read more
How much more will we lose on the way down to final liquidation ????????
What's the biggest location, what's the overall employee count and how many employees work at Houston?
Why would the stock be fully canceled and be worth nothing? The company will continue to operate, and new stock will be issued, so why would it not transfer to the new stock? Don’t know much about stock, this is unfortunately from my time with... — read more
Try not to get stabbed !
Stocks ? GONE !!!!! Money ? GONE$ !!!!!! But DD is playing golf ???????
Has trading been suspended on the stock? This morning in pre-markets it was down to 60 cents; now it’s back up at 70 as if it didn’t open today. And there are no active trading charts. Is that how you keep it from falling to zero?
As a result of the prepackaged Chapter 11 process, McDermott (NYSE:MDR) expects to be delisted from the New York Stock Exchange within the next 10 days. While the company's common stock will continue to trade in the over-the-counter marketplace... — read more
As long as we pay vendors like Emerson and others on a timely and contractual basis we should be fine. Late payments, and really late payments to them are a sign of internal trouble. Hopefully they will continue to service us through our struggles.
PA is responsible for all of this. DD did the same thing he did when he merged with CBI. Just like PA did when he bought Shaw.
My cell service stopped completely this AM around 8am. I have to connect to WiFi to do anything. Anyone else in the same boat or know about this? I logged into The account and it said the account is locked. Uh oh. Here we go. :(. So it... — read more
January 17, 2020, 6:45 PM CST (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... — read more
McDermott failed to make an interest payment of about $69 million on Nov. 1 and the forbearance deadline expired on Wednesday. Despite the expiration of the forbearance deadline, the company said it is still negotiating with holders of the senior... — read more
That mess has not been fully resolved and hasn't helped the stock price. Will those two clowns be sent back to face the music? Getting that resolved will help our rep!