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My company has filed Chapter 11.

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malta blue Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 06:38 PM
Original message
My company has filed Chapter 11.
:shrug:

Not really sure where that is going to leave me. It is what it is....

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Tuesday Afternoon Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:11 PM
Response to Original message
1. that is for re-structuring, right?
~~good vibes~~
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malta blue Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:13 PM
Response to Reply #1
2. Yes, restructuring.
Thanks for the good vibes :hug:
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XemaSab Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:17 PM
Response to Original message
3. That sucks
:(
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malta blue Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:45 PM
Response to Reply #3
7. ick
:(
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crim son Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:33 PM
Response to Original message
4. Jeepers creepers.
You need a little good luck. :hug: :hug:
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malta blue Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:46 PM
Response to Reply #4
8. thanks crim son
:hug:

For some reason I am not freaking out (yet) :shrug:
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crim son Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:52 PM
Response to Reply #8
12. Well, there isn't any reason to, yet,
but it would be nice to not have to deal with that sort of stress right now.
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redwitch Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:53 PM
Response to Reply #8
13. Ugh.
I just read the Post Star and saw the article. Hang in there!
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malta blue Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 08:22 PM
Response to Reply #13
14. Thanks redwitch....
I think my little peon self is safe - for now :pals:
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redwitch Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 09:43 PM
Response to Reply #14
15. I think you misspelled porn.
:-)
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malta blue Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-08 08:45 AM
Response to Reply #15
17. LOL
I have been working on lots of porn these days again too! :rofl:
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Callalily Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:33 PM
Response to Original message
5. Yes, hope it's just
restructuring. I think during these difficult times, we all fear for our jobs. Not a good situation to be in, but as you said, it is what it is.
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malta blue Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:46 PM
Response to Reply #5
9. I think *fingers crossed*
we are okay.
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Sanity Claws Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:34 PM
Response to Original message
6. It may not be that bad.
To qualify for Chapter 11, the company has to show that its assets exceeds its liabilities. (I'm writing this from memory and haven't checked for recent changes.) The bankruptcy filing stays litigation. If the company's employees are organized, the bankruptcy judge can review and revise the collective bargaining agreement.

A lot of businesses are cyclical and its current illiquidity may not be a sign that it is unsound. The company may simply have had its credit line frozen and does not have operating funds right now.

Did you have any inkling that this was going to happen?
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malta blue Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:48 PM
Original message
There was a mgmt reorg recently and I was moved to a new
Edited on Mon Dec-08-08 07:48 PM by malta blue
department. I am just an hourly employee and the work that I perform is the core upon which many of the products are built.
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CaliforniaPeggy Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:48 PM
Response to Original message
10. My dear malta blue...
Oh, sweetie...

Good vibes to you, of course...

:hug:
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malta blue Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:49 PM
Response to Reply #10
11. thanks Peggy
:hug:

Weird thing is that last night I dreamt that they had moved several of us to this "new" department so that it would be easier to lay us off, but the dept is the core of the business so that makes no sense :shrug:
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LoveMyCali Donating Member (694 posts) Send PM | Profile | Ignore Mon Dec-08-08 10:17 PM
Response to Original message
16. Hey, mine too
:hi:

Really though, we are one of the businesses making money for the parent company so at least for now I don't think our day to day existance will change. If you're counting on the company stock option for your retirement however, you'd better start stocking up on cat food now. I hear you can make a lovely meatloaf with Nine Lives and saltines.
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malta blue Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-08 08:47 AM
Response to Reply #16
18. That's kind of how I see it too...
:hi:

Nine Lives and saltines? :puke:
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blueraven95 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-08 08:49 AM
Response to Original message
19. I'm sorry malta blue,
I'm sending good vibes!

:hug: :hug: :hug:
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mwooldri Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-08 08:54 AM
Response to Original message
20. Oh dear... I hope all goes well.
I'm just worrying about the layoffs here - they're going to announce them 1st quarter 2009.

Mark.
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Deep13 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-08 09:23 AM
Response to Original message
21. It's actually a good sign.
It means they are trying to save the business rather than just liquidating assests through Ch.7.
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ThomCat Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-08 09:56 AM
Response to Original message
22. I hope this doesn't put you out of a job.
:(

:hug:

With everything else going on, we all need a moratorium on bad news. x(
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applegrove Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-08 06:40 PM
Response to Original message
23. Sorry.
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doc03 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-08 08:37 PM
Response to Original message
24. I've worked for the same employer for
38 years and have been through a half dozen different owners and two Chapter 11's. I'm still here but I don't know of any management that has survived the 38 years. You may have to take cuts but hopefully you will keep your job.
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