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New Orleans-Based Firm Sees Stock Plunge as Subsidiary Claims Bankruptcy.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, February, 2000
Feb. 24--Bankruptcy continued to take its toll on McDermott International's stock Wednesday. One day after McDermott subsidiary Babcock & Wilcox of Barberton filed for bankruptcy protection, the stock price dropped nearly 14 percent.
Shares of McDermott closed at 10 1/4, down 1 5/8. When B&W voluntarily filed Tuesday for Chapter 11 bankruptcy protection from high-priced asbestos claims, McDermott's stock price dropped 12 percent. B&W officials said their company remains profitable.
Filing for Chapter 11 bankruptcy looks like it was the only option available to protect the interests of shareholders, one analyst said. Even so, the investment community is nervous, said Arvind S. Sanger with Donaldson Lufkin & Jenrette in New York.
"It's a tough...
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