Plenty of contractors did just that during the last big mining investment upswing - growing too fast, and often too far from home, on margins that were too thin and balance sheets that got too stressed - and Macmahon was one of them.
The company was nearly swallowed up by Spanish-controlled CIMIC with a lowball 2017 takeover bid.
Macmahon said the offer was opportunistic and it was then rebounding.
"Over 12 months ago, both as part of our defence of the hostile takeover bid from CIMIC and as part of seeking approval for the AMNT [US$150 million asset purchase] transaction, we guided that we would achieve a significant turnaround in FY18," Finnegan told the AGM.
"Understandably, there was some scepticism that we would be able to achieve such ambitious t...