Is this the right thing to do? It's the only thing to do. The only reason it wasn't sooner is that they were waiting on the executive bonus to be paid. That just occurred, so now that they have a fat cushion, go ahead and file. Have you also noticed several VP's leaving the company in the last two weeks. Again, bonuses finally in their account, time to move on. If you think that your job is safe you are delusional. Take a look at other companies that have filed. They all say the same thing but they have to say it. If not, even more people will leave them. They need you to hold on as long as possible so that they can drain you of as much work as possible. Enjoy it while you can but if you aren't looking elsewhere you are in for a rude awakening as once in Chapter 11 the days of nice severance packages just went away...
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This is false. Once the bonus (executive bonus that was just approved and paid) is paid it is 100% theirs. There are no parameters for keeping it. Annual bonus being paid out in advance is completely different as is the bonus some are being paid to stay...
All is not lost. Chesapeake says that it will maintain 6-8 active rigs for the next 2 years.
VPs that leave have to pay back 100% of their bonus. Haha they have to pay to quit.
- looking elsewhere ... That's really humorous - in the current oil business climate, there is no "elsewhere" to look. Oil companies are shrinking, laying off staff, and there is a huge mob of recently unemployed oil business types chasing after any hint of a job.
I’m glad I was laid off.