It is sad to see people you have worked with for years saying goodbye. This week has been rough.
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The credit agreement actually defines key milestones for the ongoing sales process:
•by no later than November 1, 2019, the company has to deliver a confidential information memorandum, financial model and transaction structure memorandum in connection with the Lummus Technology sale
•by no later than November 27, 2019, McDermott is required to have solicited first round bids
•by no later than December 15, 2019, the company shall have delivered an updated business plan report reflecting the first round bids
•by no later than December 31, 2019, McDermott is required to come up with a draft purchase agreement "in form and substance satisfactory to the Supermajority Lenders and the Administrative Agents"
•by no later than January 31, 2020, the company shall have entered into a firm purchase agreement, again "in form and substance satisfactory to the Supermajority Lenders and the Administrative Agents"
From "The 'One McDermott Way' Might Still End In Bankruptcy Court"
I also work for McDermott. I am hearing chatter regarding bankruptcy but also chatter regarding Lummus sale or a lifeline to keep going. I am confused but it is awfully quiet. After talking to some people I have been working with here for 15 yrs they told me not to worry at all.