“…McDermott was declared bankrupt…”
It appears that whilst the Creditors were happy; the shareholders weren’t.
“Under the plan, which has the support of two-thirds of the firm’s creditors, the company’s suppliers are to be paid in full and operations will continue “in normal course,” according to McDermott. There are between 50,000 and 100,000 creditors owed money by McDermott and its dozens of subsidiaries around the world”
DYOR
Ann: Extension of Share Purchase Plan and ASX Waiver, page-82
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