McDermott plunges after HQ construction reportedly halted – McDermott International, Inc. (NYSE:MDR)

McDermott (MDR -26.4%) shares dive to new lows in the wake of a report that work on the company’s Houston headquarters building has been stopped after MDR allegedly fell behind on payments to its general contractor.

MDR allegedly was $14.2M behind on its payments for work performed on the building as of Oct. 30, according to a lien filed by the builder, which told its subcontractors to stop work at the site due to the non-payment.

MDR is working with the contractor to finalize the remaining schedule for the construction and buildout of the space, a company spokesperson says.

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