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McDermott Is Said to Hire AlixPartners for Turnaround Advice

  • Energy engineering company’s shares tumble 76%, bonds slide
  • McDermott under pressure since Chicago Bridge & Iron purchase
Updated on

McDermott International Inc. hired restructuring firm AlixPartners for strategic and operational advice as the engineering company, which specializes in building energy infrastructure such as storage tanks and sub-sea pipelines, seeks to shore up its balance sheet, according to a person with knowledge of the matter.

The Houston-based company’s stock plunged as much as 76% Wednesday -- trading was halted for volatility at least five times -- while its bonds dropped more than 30 cents to 37 cents on the dollar, making them Tuesday’s most actively traded debt in the U.S. high-yield market, according to Trace.