My company has filed Chapter 11.

[malta blue]

:shrug:

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

[Tuesday Afternoon]

1. that is for re-structuring, right?

~~good vibes~~

[malta blue]

2. Yes, restructuring.

Thanks for the good vibes :hug:

[XemaSab]

3. That sucks

:(

[malta blue]

7. ick

:(

[crim son]

4. Jeepers creepers.

You need a little good luck. :hug: :hug:

[malta blue]

8. thanks crim son

:hug:

For some reason I am not freaking out (yet) :shrug:

[crim son]

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.

[redwitch]

13. Ugh.

I just read the Post Star and saw the article. Hang in there!

[malta blue]

14. Thanks redwitch....

I think my little peon self is safe - for now :pals:

[redwitch]

15. I think you misspelled porn.

:-)

[malta blue]

17. LOL

I have been working on lots of porn these days again too! :rofl:

[Callalily]

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.

[malta blue]

9. I think *fingers crossed*

we are okay.

[Sanity Claws]

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?

[malta blue]

There was a mgmt reorg recently and I was moved to a new

department. I am just an hourly employee and the work that I perform is the core upon which many of the products are built.

[CaliforniaPeggy]

10. My dear malta blue...

Oh, sweetie...

Good vibes to you, of course...

:hug:

[malta blue]

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:

[LoveMyCali]

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.

[malta blue]

18. That's kind of how I see it too...

:hi:

Nine Lives and saltines? :puke:

[blueraven95]

19. I'm sorry malta blue,

I'm sending good vibes!

:hug: :hug: :hug:

[mwooldri]

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.

[Deep13]

21. It's actually a good sign.

It means they are trying to save the business rather than just liquidating assests through Ch.7.

[ThomCat]

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(

[applegrove]

23. Sorry.

[doc03]

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.