My employer filed chapter 11, WOOHOO.

fingas74 · 01-06-2009, 03:50 PM

Happy New Year to me!!!!!!!!!

**toytaco** · 01-06-2009, 03:51 PM

That sucks! So what happens to you?

fingas74 · 01-06-2009, 03:57 PM

Quote:

toytaco previously said:

That sucks! So what happens to you?

Dont know yet, hopefully i don't have to go back to being a gang banger

**Joeg180** · 01-06-2009, 04:03 PM

**JoeUser** · 01-06-2009, 04:04 PM

Chapter 11 is just reorganizing debt. Not to paint a dark picture, but usually companies that do so also cut back on expenses to make their debt position more tenable (read: laying off employees).

Note that I said 'usually'. Sometimes it's just an accounting process, but doesn't affect daily operations and/or employees. Depends upon how bad the debt situation is...

It could have been worse - the company could have shut its doors permanently...

Good luck to ya, and I hope for the best...

**MissFJ** · 01-06-2009, 04:07 PM

Were there any signs??

One big bad contract bring them down??

This is why I like working in the accounting dept, we usually see this stuff comin'.

What do you do? (in case someone wants to make sure you don't become a gangbanger and helps ya find a job

)

fingas74 · 01-06-2009, 04:08 PM

Quote:

JoeUser previously said:

Chapter 11 is just reorganizing debt. Not to paint a dark picture, but usually companies that do so also cut back on expenses to make their debt position more tenable (read: laying off employees).

We are all just waiting to see who they let go, we know it will come just not when or how many.

BigEd78 · 01-06-2009, 04:10 PM

I'm on chapter 11 of the 6th Harry Potter book. Maybe we will finish at the same time.

fingas74 · 01-06-2009, 04:15 PM

Quote:

MissFJ previously said:

Were there any signs??

One big bad contract bring them down??

This is why I like working in the accounting dept, we usually see this stuff comin'.

What do you do? (in case someone wants to make sure you don't become a gangbanger and helps ya find a job

)

There were no obvious signs, in fact two weeks ago we had an officer come tell us that we had plenty cash to cover debts and keep our sites running then last week in the news we hear that the company couldn't make debt payments.

I am an electrical engineer working in power distribution, hopefully i make it through the cuts.

**JoeUser** · 01-06-2009, 04:17 PM

Makes me wonder if Ike had something to do with it.

Won't hurt to blame it. Hell, people are still blaming Katrina, so why not? We always have global warming to fall back on...

Seriously, though. I wonder if the storm caused higher expenses and/or losses than originally thought...