Viatel, a company I used to work for filed chapter 11 earlier this year, the staff that were still working were thinned down drastically, but those that actually did something useful, and had real talent, are part of a skeleton crew running things, some 7 months on [it was telecoms so very few people WERE useful]. As far as I understand it, Chapter 11 in itself isn't bankruptcy and there are some big companies that have actually come out of Chapter 11 and become profitable again. That said, most of them don't recover and do become bankrupt, so definitely worth looking for a lifeboat...
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timeasmymeasure
Re: links
Date: 2001-11-16 06:06 am (UTC)As far as I understand it, Chapter 11 in itself isn't bankruptcy and there are some big companies that have actually come out of Chapter 11 and become profitable again. That said, most of them don't recover and do become bankrupt, so definitely worth looking for a lifeboat...