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MDR Stock Sinks as Company Seeks Bridging Loan to Avoid Bankruptcy

MDR Stock

MDR stock is down over 5.5% today amid reports that McDermott International Inc (NYSE:MDR) is seeking a bridging loan to avoid bankruptcy.

MDR Stock Down Nearly 70% This Year

The company is seeking a loan to help it cover a working-capital deficit of $1.7 billion USD so that it can sell assets such as its Lummus Technology unit. The Houston-based oil and gas engineering firm has seen its fair share of struggles in recent quarters and recently brought in turnaround specialists AlixPartners LLP to help stem heavy losses and avoid bankruptcy. McDermott’s latest earnings report showed ...

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