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OFS - McDermott secures $1.7B in new financing to avoid default - October 2019

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McDermott International revealed its liquidity situation was worse than known publicly and that it could burn through $711 million in H2. To get through 2Q20, the company secured up to $1.7 billion in additional financing, with immediate access to $630 million. “We determined in September 2019 that there was a significant level of uncertainty as to whether we would be in compliance with certain financial covenants in the second half of 2019,” which may......
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