All Hokie, All the Time. Period.

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Joined: 10/7/99 Posts: 14796
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My only experience with Ch 11 is through stock investing

and I don't know if you are with a publicly traded company or how big the company is (assets, revenue, debt).

But I can say that the bigger the company and money involved, the longer the process seems to take to get to the very end. From a stock perspective, the end is usually very bad for common shareholders. From a company perspective, it is usually sold off in pieces to some combination or creditors, competitors, and Investment Firms (who will strip it down to maximum efficiency/profitability while also shifting debt around). At the end, there is either a much smaller version of the company that comes out of bankruptcy or the company no longer exists and the pieces are gobbled up by others.

As for your job, document your importance and history. Make yourself a useful asset to help your chances of survival. If you really are critical to helping the plant be profitable, be prepared to fight for yourself and compensation to stay. Because I have seen other places where executives still get bonuses in Chapter 11 due to being "critical employees" to keep the company running as they go through the process.

Not to be pessimistic, but definitely look for other opportunities at competitors just in case. It's better to have the option to move on than be forced to, especially in the current economy. Good luck Elberto.

(In response to this post by ElbertoHokie)

Posted: 06/30/2020 at 3:26PM


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Current Thread:
So my company filed for Chapter 11 last night. -- ElbertoHokie 06/30/2020 2:30PM
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