Replies to post #20331 on The Rising Influence of Rising Affluence

[DewDiligence]

Thanks, Charlie! CLB is now -11.5%/AH, which is (somewhat surprisingly) still 15% above the 12-month low of $36.61 in August.

[wow_happens28]

McDermott Is in Talks With Lenders to File Bankruptcy

Was the writing on the wall Oakes? Lost 50% today

https://finance.yahoo.com/news/mcdermott-talks-lenders-file-bankruptcy-213621362.html

McDermott International Inc. is in discussions with lenders about providing a $2 billion bankruptcy loan, ahead of a Chapter 11 filing that could come in the next few weeks, according to people with knowledge of the matter.

The Houston-based engineering and construction firm is negotiating with a group including Baupost Group LLC and HPS Investment Partners LLC, the people said, who asked not to be identified discussing confidential matters. Dow Jones reported the news earlier.

The company’s shares were down as much 64% after the news that it was negotiating a bankruptcy loan. Representatives for McDermott, Baupost and HPS declined to comment.

McDermott is facing a Jan. 15 deadline on a forbearance agreement with some of its creditors. Its lenders previously agreed to provide as much as $1.7 billion in rescue financing, provided it meets certain conditions. The company is currently trying to sell its Lummus Technology business.

[DewDiligence]

CLB—Inasmuch as the stock is down 80% from its 2013 high, perhaps the biggest impediment to CLB being sold is management/BoD’s loss of face from not selling earlier. It’s not rational for corporate officers and directors to think this way, but we know that they sometimes do.