Thread regarding McDermott International Inc. layoffs

Times is running out.

????

Why is this forum dead?

This is good news/bad news.

Good news: they sold Pipe assets

Bad news: they didn't sell ALL Pipe assets

Why: they couldn't close the deal on a sale of all the Fab shops to a single buyer. The new buyer wanted the crown jewel of the Fab shops and didn't want the lesser producing others.

Conclusion: a step in the right direction as long as DD takes that check directly to the bank to help pay down a portion of the $2B debt. However, this is far from the omninous company saving solution, as it was presented last year.

CB&I failed to sell Technology for what they wanted. Kicked the can down the road. Ended up in a "combination".

McDermott has failed to sell the Fab shops for what they wanted. They kicked the can down the road, Quarter to Quarter. Now, McDermott has less money than what they wanted, but still own the weaker shops.

Thus far, McDermott failed to sell Tanks for what they wanted. Again they have kicked the can down the road, Quarter to Quarter. Unless DD gets $1.9B for the Tanks business, the company doesn't have the revenue to service The Focus Projects and the debt.

I won't feel good until they get top $ for Tanks.

More layoffs ?

Funny how they will not say who bought it and for how much. Meanwhile somewhere on the internet:

https://texaspipe.com/news/article/slug/texas-pipe-acquires-app-multalloy-j-j-alloys-j-j-bar-plus

Texas Pipe Acquires APP, MultAlloy, J+J Alloys, J+J Bar Plus

Texas Pipe & Supply announces the acquisition of Alloy Piping Products (APP), effective June 27, 2019, and MultAlloy, J+J Alloys, and J+J Bar Plus, effective July 1, 2019.

Alloy Piping Products (APP) is a manufacturer/master distributor of carbon, stainless and alloy butt-weld fittings, with headquarters in Houston, TX, and six additional facilities across the United States.

MultAlloy is a master distributor of specialty alloy pipe, fittings and flanges with headquarters in Pearland, TX, and five additional locations across the United States. Sister companies J+J Alloys, a manufacturer/master distributor of nickel alloy products, and J+J Bar Plus, a master distributor of bar products, are both headquartered in Pearland, TX.

The companies will continue to operate in the PFF markets as APP, MultAlloy, J+J Alloys, and J+J Bar Plus.

With the completion of these acquisitions, Texas Pipe and its family of companies marks a period of strategic growth as one of the leaders in the stainless and alloy PFF business.

So you have money now right? And you're going to pay your suppliers right? Y'know those people who did work for you after you promised to pay them. And youre not just going to pay the money out to your Retention Bonus Elite right? They don't jump to conclusions he front of the queue right?

Over promise and under deliver. The consistency is reassuring.

So they couldn’t find a buyer who would pay what they committed to the banks they would get for piping. So let’s kick the can down the road, again.

Wow. I was starting to think nothing would ever happen. Of course this is just a little more than nothing. A piece of a piece of the whole CBI burning bag of dog c-ap.

The artcle says completed. Is it really completed or just inked? No antitrust? No financing problems?

So when did the deal close? Who is the buyer? How much cash did we get to pay down debt? And most importantly will the buyer sue us like Westinghouse did after CBI sold them a big flaming bag of dog c-ap?

Yep, over-promise, under-deliver. The McDermott Way.