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Strategies & Market Trends : Speculating in Takeover Targets
CTG 8.200-2.5%1:51 PM EDT

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To: E_K_S who wrote (5545)9/24/2019 1:00:23 PM
From: E_K_S   of 6084
McDermott seeks bridge loan until asset sales - Bloomberg
Sep. 24, 2019 12:48 PM ET|About: McDermott International, Inc. (MDR)|By: Carl Surran, SA News Editor

McDermott ( MDR -6.6%) is seeking a bridge loan to cover a $1.7B working capital gap until it can sell assets such as Lummus Technology, Bloomberg reports.

MDR said last week that it recently received unsolicited approaches to acquire all or part of Lummus; based on the receipt of these approaches, MDR is exploring strategic alternatives to unlock the value of the unit.

Credit Suisse analyst Jamie Cook said MDR's Lummus announcement was considered "a last resort" but was "unfortunately needed" to improve the balance sheet.
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