McDermott International Inc. Layoffs

Topics regarding layoffs at McDermott International Inc.

Q1 Loss Summary

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 

a hearing tomorrow

There is another bankruptcy hearing tomorrow with the United States Trustee. Any idea what this is about?

Hiring & Merit Actions Email

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 

chop chop

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.

Office Closing and the Corona Virus

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 

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Post ID: @OP+146HA2Mz

Sunlight is the best disinfectant. Next to Purell

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 

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Post ID: @OP+13WNPn2I

Layoffs this week

Heard some corporate do nothings are going to get cut this week. If you don’t have a charge number then you’re gone.

US fabrication shops

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 

These are the real victims

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 

Opt out forms due by Feb 19

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 

Stock

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 

Trading suspended?

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?

MCDERMOTT FILES FOR CHAPTER 11 BANKRUPTCY

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 near on time we are OK

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.

Remember

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.

Did they lock our cell phone accounts?

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 

Payments defaulting 😞

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 

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Post ID: @OP+132n0pVR

Colombia still hanging over us

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!

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