McDermott (MDR) -- Wette auf Investitionsgüter/Öl&Gas USA etc. (Seite 4)

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Bei über 2 Milliarden USD Verlust im letzten Quartal (über 10 USD/Aktie) nützen auch die neuen Kreditlinien nichts mehr. So, jetzt aber Schluss hier.
Mcdermott International | 0,967 $
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...

=> auch hier gehe ich davon aus, daß sich maßgeblich Hedgies - über die Gläubigerseite - das Unternehmen unter den Nagel reißen werden und dann versuchen, es profitabel aufzuteilen; siehe z.B. Lummus Technology

Zitat von faultcode: ...MDR aber rechtlich gesehen "REPUBLIC OF PANAMA" -- PA5800371096; Heimatbörse ist aber die NYSE; daneben auch IRS Employer Identification Number und 10-K für die SEC etc.

--> dennoch kann es hier mMn zu Komplikationen für die Aktionäre kommen, ihre (erwarteten) Rechte durchzusetzen (im Vgl. zu einem vollständigen US-Unternehmen)...
Mcdermott International | 0,726 $
Antwort auf Beitrag Nr.: 61.875.729 von faultcode am 08.11.19 18:09:28
MDRIQ -- McDermott files for Chapter 11
Zitat von faultcode: fast Penny stock -- damit ist hier vorerst Schicht im Schacht:..

McDermott to file for Chapter 11 bankruptcy protection…

..U.S. oilfield services provider McDermott International Inc MDR.N said on Tuesday it would file for prepackaged bankruptcy protection under Chapter 11, as it looks to cut debt that ballooned following a major acquisition in 2018.

The restructuring will be financed by a debtor-in-possession (DIP) financing of $2.81 billion, the company said. As part of the deal, McDermott has also entered a stalking-horse agreement to sell its Lummus Technology unit for $2.73 billion.

DIP financing packages allow bankrupt companies to remain in business and fund operations as bankruptcy case proceeds.

Texas-based McDermott’s total debt stood at $9.86 billion as of Nov. 4, 2019.

“As a result of the transaction, we are eliminating over $4.6 billion in debt from our balance sheet and we will emerge with robust liquidity and significant financing to execute on customer projects in our backlog,” Chief Executive Officer of McDermott David Dickson said in a note.

McDermott’s shares were down 15% in premarket trade. Bloomberg reported on Friday the company was preparing to file for bankruptcy..

McDermott has been reeling under heavy debt since it combined its offshore engineering and construction business with Chicago Bridge & Iron Co (CB&I) in an all-stock deal valued at around $6 billion including nearly $4 billion in debt.

The company’s total liabilities jumped to $7.86 billion at the end of June 2018 after it acquired CB&I, from $1.36 billion in the previous quarter.

McDermott last year raised another $1.7 billion to support its operations and concurrently withdrew its full-year forecast...

Zitat von faultcode: Lummus Technology ist quasi die Perle bei MDR, der Rest siehe Kursverlauf...

Zitat von faultcode: ...--> das heißt aber mMn auch, daß die Fusion mit Chicago Bridge & Iron ab Ende 2017 nicht zur Stabilisierung des Unternehmens führte :eek:
--> einen Monat nach der Ankündigung ging es mit dem Kurs im Schnitt nur bergab. Aber, siehe oben, warnende Stimmen gab's schon damals sofort nach Ankündigung, und das ist mMn eher auffallend...
Mcdermott International | 0,532 €
Antwort auf Beitrag Nr.: 62.482.872 von faultcode am 24.01.20 23:18:0823.1.
McDermott International Enters Chapter 11 Bankruptcy…

• The management team at McDermott International, after several months of inaction and poor decision-making, finally took the company into Chapter 11 protection.
• This move will wipe shareholders out and leave the most junior holders of debt with very little.
• The company that emerges from the process looks to have significant potential, but only time will tell.

Common shareholders will be essentially wiped out, while holders of the Senior Notes of the firm won’t end up much better off.
In the first half of 2019, the company saw new bookings worth around $14 billion. In the second half of the year, this figure plummeted to less than $3 billion.
The firm has also secured a $2.4 billion letter of credit facility, and when all is said and done, it will exit Chapter 11 with around $500 million in funded debt on its books. In all, $4.6 billion in debt will be wiped clean from the company’s books.
One frustrating thing from the perspective of a watcher of the firm (and likely even more frustrating for shareholders) is that management delayed selling off Lummus Technology for far too long. Had action been taken up a year earlier, it’s very likely McDermott would not be in this tough position today, but only now that they decided to file for bankruptcy did they decide to sell their valuable technology segment off. (FC: an zwei private equity firms: The Chatterjee Group + Rhone Group als Plan)
Senior Notes holders, for instance, are going to walk away with only 19% of their estimated value of $1.402 billion. This will come in the form of an estimated 6% of the common shares in the new company that will emerge from bankruptcy. They will also receive some additional shares (an unspecified amount, but likely nominal) plus some warrants. Everybody junior to them, like shareholders, will walk away with nothing.
Last year, it was estimated that free cash flow for the business was -$1.191 billion. If bankruptcy only takes a short part of the 2020 fiscal year, the company believes it will see net outflows this year of an additional $550 million. Next year, though, it should see net inflows of $56 million, and for the full period of 2020 through 2024, it expects net inflows of $1.808 billion. If this does come to pass, the company should go on to be worth far more than the $2.25 billion mid-point a third-party firm evaluated it to be worth on an EV (enterprise value) basis. This could leave new shareholders holding an attractive business, even if the absence of Lummus Technology will cost the company $255 million in lost operating income on a run rate basis.

Mcdermott International | 0,532 €
Antwort auf Beitrag Nr.: 62.482.959 von faultcode am 24.01.20 23:34:12
CEO David Dickson
Ich warte hier auf ein neues Management (siehe auch z.B. bei CGG Veritas, denen das gut bekam), bevor ich weitersehe.

Es stehen vielleicht noch einige Class actions aus 2018 und 2018 an, und nicht nur durch Aktionäre:…

--> und, wie auch oben angesprochen, ergibt sich mMn hieraus auch Potenzial für weitere Class actions:
Zitat von faultcode: ...--> da stehen nun mMn einige wichtige Fragen zur Klärung an; siehe oben die Fusion mit Chicago Bridge & Iron z.B....

--> David Dickson (ein Schotte) ist President & Chief Executive Officer seit 2013 (davor 11 Jahre Technip):…

--> der Mann hat's versaut; so einfach ist das; entweder aus Dummheit, Hybris oder krimineller Energie, oder eine Mischung aus dem

--> das Unternehmen ist keine Pommesbude, wurde aber so geführt, und hatte Ende 2018 noch 14,600 eigene MA's weltweit:

At December 31, 2018, we employed approximately 31,900 persons worldwide, comprised of approximately 14,600 salaried employees and approximately 17,300 hourly and craft employees. Our number of employees, particularly hourly and craft, varies in relation to the location, number and size of projects we have in process at any given time.
Mcdermott International | 0,532 €
Dieser Laden steckt einfach nur bis zum Kopf voll mit krimineller Energie!
Ch11 wäre nicht nötig gewesen, wenn man sich mal anschaut mit welch prosperiender Eigenwerbung sie ihr volles Auftragsbuch anpreisen um andere Gemüter zu überzeugen. $20Milliarden backlog für 2020+2021. Selbst wenn sie in diesen Jahren durch Inkompetenz jährlich weitere $2Milliarden an Strafzahlungen durch CB&I Projekte akquirieren und somit ihre Ausgaben auf $8Millarden pushen wie 2019, dann hätten sie mit momentan $5Milliarden Schulden irgendwann in 2022 diese auf $1Milliarde gesenkt (8+8+5-20=1). Zumindest nach meiner Milchmädchenrechnung. Aber debt-to-equity is ja was Schönes was es so interessanterweise auch nur in den USA gibt...
Mcdermott International | 0,049 €

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