As a result of the prepackaged Chapter 11 process, McDermott (NYSE:MDR) expects to be delisted from the New York Stock Exchange within the next 10 days.
While the company's common stock will continue to trade in the over-the-counter marketplace throughout the pendency of the Chapter 11 process, shares are proposed to be cancelled as part of McDermott's restructuring.
MDR -14.7% premarket to $0.60/share.
Never saw that coming!
Keep current management in place! They learned from their mistakes and can right this ship!