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Strategies & Market Trends : Speculating in Takeover Targets
ULBI 6.950-1.1%9:30 AM EST
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From: E_K_S9/18/2019 2:13:07 PM
1 Recommendation

Recommended By
richardred

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McDermott says 'routinely hires external advisors to evaluate opportunities'
Sep. 18, 2019 1:57 PM ET|

Trading resumes in McDermott ( MDR -44.2%) after the company issues a statement in response to its earlier halt, saying it "routinely hires external advisors to evaluate opportunities for the company."

A few minutes ago, WSJ confirmed market chatter that the company has engaged turnaround consulting firm Alix Partners to advise on efforts to improve cash flow and stem a recent spate of net losses.

MDR says it "is taking positive and proactive measures, as we have done in the past, intended to improve its capital structure and the long-term health of its balance sheet."

Trading had been halted for three hours after shares had plunged nearly 50% on heavy volume.

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Check out their Debt over $3.6Bln as a result of their CBI acquisition. This smells like a potential structured BK to flush out the debt.
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