Chapter 11 sucks (1 Viewer)

[Shayne Lebrun]

Well, my company declared chapter 11; bankrupt. Bye bye, so long, and thanks for all the fish. Really sucks.
Anybody in Toronto, Mississauga, Hamilton, area looking for a systems, network or database admin? So many wonderful DVDs coming out this month! Need work!

 

[Philip_G]

I'm not too swift on bankruptcy law, but isn't chapter 11 protection from creditors for re-organization?
When I worked for carmike they went chapter 11 but still continued to operate. I heard after the fact that an accountant forgot to make a payment and they defaulted on a rather large loan.

 

[Peter Kline]

My former employer, Simitar Entertainment, went Chapter 11 just about a year ago. After attempts to get more money from the banks, the company was deemed a bad risk and the bank foreclosed and took over. It sold the assets to the highest bidder (audio rights, film rights) and the new owner will soon be releasing product. In actuallity, I believe there are several kinds of Chapter 11 in the U.S. I am now a consultant to the new owners for the audio product.
[Edited last by Peter Kline on October 04, 2001 at 01:32 PM]

 

[Philip_G]

you're probably right.
I worked as a tech in a video conferenceing classroom once and they did state bar refreshers that I teched, and they rambled on and on AND FUCKING ON about bankruptcy crap. It seemed like a really complicated subject

 

[Robert McDonald]

Shayne, at least it is not a Chapter 7 which is liquidation of all assets, firing of all employees, closing down the business. In Chapter 11 a plan of reorganization is filed with the bankruptcy court; it states how (and how much of) the bills will be paid, how the company will operate in the future. While some Chapter 11 cases are converted to the deathbed of Chapter 7, many others come out a stronger company. Maybe a bad example given the recent troubles, but Continental Airlines went through Chapter 11 and came out pretty strong.
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[Shayne Lebrun]

We're Canadian, so the chapter 11 thing is not a strict analouge. They're trying to throw together a modified business plan, but I doubt it'll go anywhere. Doesn't change the fact that we're all let go.

 

[Steven K]

Shayne,
Chapter 11 is no big deal. My company filed for Chapter 11 almost a year ago and we're still around. Basically, it's just protection from creditors.
Now, Chapter 7 on the other hand, is very bad. Basically, its a complete liquidation of all assets, etc... which means you're out of a job.

 

[Shayne Lebrun]

They did fire us all. They are liquidating all the assets. I might even be misusing the term 'chapter 11.' Let me try again:
My company went out of business and fired us all. Anybody in Mississauga/Toronto/Hamilton looking for a systems/network/database administrator?
Oh, and mad props go out to Mike Harris for demanding that, in order to get the EI benefits I've been paying for, I need to attend a gov't workshop. No excuses for not attending, and that includes the fact that they scheduled it for the week that my wife is due.

 

[Peter Kline]

Yup, in the case of Simitar Chapter 11 turned into Chapter 7. Only in the legal profession are Chapters listed backwards!

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