LostInLA07 said:

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There was a cash retention bonus in traunch 1 of the bridge loan. There is also new equity for management in the pre-pack reorg.

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Ciboag96 said:

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Quote:

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"The restructuring transaction, which has the full support from all of our funded creditors, including our unsecured bond holders, is further recognition of McDermott's fundamentally solid operating business and proven strategy."

- David Dickson, President and CEO of McDermott International

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Ok, who wants to tell him...

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LostInLA07 said:

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They are profitable if you exclude all the projects they lose money on.

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LostInLA07 said:

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MDR has filed for an additional executive bonus program, highlighted by their CEO receiving an additional $3-13MM this year. Does anyone have a company I can take over and lead into bankruptcy?

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Quote:

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Under the plan, which was filed Monday with Judge David R. Jones, CEO and president David Dickson would receive a bonus worth up to $12.6 million this year, part of $26.8 million in incentives for 13 management team executives who have a central role in the Houston-based engineering company's Chapter 11 restructuring. The management team members are in line for maximum potential bonuses ranging from $2.6 million to $322,000.

.....

"Given the debtors' complex and global operations, the debtors depend on the performance of their management team and highly skilled workforce to drive their financial performance," it reads. "Due to the employees' specialized skills and project-specific knowledge, it would be difficult for the debtors to replace their employees without incurring substantial costs and disrupting operations."

Without the efforts of key stakeholders, the company would not have been able to facilitate a prepackaged bankruptcy and gain creditors' confidence, the lawsuit states.

"Maintaining a properly incentivized management team and skilled workforce is critical to maintaining a high level of business performance, which in turn minimizes disruption to customers, vendors, and employees," it reads.

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Vernada said:

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Wonder how big of a bonus he'll take home?

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