Quote:
|
Originally Posted by gburlison
Just to help some people understand what can happen after filing Chapter 11.
Kmart filed Chapter 11 in early 2002, emerged from bankruptcy in May 2003, and announced it would buy/merge with Sears in Nov 2005. While this is listed as a merger, it is Kmart that is bailing out Sears.
|
Yeah, I'm still alive believe it or not....
Anyway, Chapter 11 isn't necessarily a bad thing. It's not a good thing, but there definitely are much worse alternatives. Most companies that file for Chapter 11 come out stronger [Example: Kmart], as shown in the above quote.
In fact, the company my dad works for in Kokomo filed for Chapter 11. Very few if any lost their jobs. Company operations and the way they did things were examined and changed. As a result, the company came out of bankruptcy 6 months earlier then expected and is currently stronger then ever. As people have said in above posts, just sit back and wait. There is no purpose in speculating.