McDermott senior vice president steps back into COO role on heels of CEO shakeup
McDermott’s former COO has been reappointed to the role.
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Building "Bridges" Across the Bayou City!
McDermott’s former COO has been reappointed to the role.
Read MoreDickson had been president and CEO of McDermott since December 2013. During his tenure, the company acquired Chicago Bridge & Iron Company NV in a $6 billion deal in 2018, moved to a new headquarters, and entered and exited bankruptcy.
Read MoreThe bankruptcy deal will eliminate more than $4 billion of company debt.
Read MoreThe SEC is investigating statements made by the company before its bankruptcy.
Read MoreThe company’s employment was up by more than a third in 2019, compared to the year-prior date.
Read MoreThe company had stretched its leeway with vendors to unsustainable levels as liquidity tightened.
Read MoreThe company’s bondholders wanted equity in the reorganized company, and they were willing to fight to get it.
Read MoreThe company has about 35 percent of its lenders onboard with forbearance, but it needs more than half to unwind any other groups that decide to accelerate debt.
Read MoreThe company has entered into a forbearance agreement with some of its creditors after skipping an interest payment.
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