Firings are the more likely RIF mechanism.
Lawsuits won't scare them now and why should management risk future wealth with nobody's in the working class?
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Being laid offf from those jokers is the best thing that could happen to you. From experience, my health improved dramatically when I was let go.
Will there be layoffs? Bro, ya just filed BK. Yes, there will be layoffs. And lawsuits. And asset sales.
This POS company is about to be in court for a year. They have approval for some DIP financing in this prepackaged deal, but many uncertainties remain.
Don’t be surprised if chapter 7 follows. Then there will be even more layoffs. Like, everyone.
”That team is the only reason this company is still around today.”
please expand on this as last time I checked all they did was sell CF generating assets while risking the farm drilling exploration.
Look the EC made out like bandits and I tip my hat to that. However let’s not confuse them winning for themselves as winning for anyone else.
Bitter much? Whether you like it or not - That team is the only reason this company is still around today.
If they want it to be done correctly, Franky as well as the entire Anadarco team will be far, far away!!
At least the stock didn't go down today. Ha, ha, ha, ha.
CHK is about to become a much smaller company. It will be a healthier company on the other side of this restructuring... so for those of you that make it through, this is a good thing.
I would think after selling a few assets and simplifying, CHK could (and should) run on about half of the employees we have now. If even that many.
We already have too many people. Let’s say we operate about half to perhaps 75% of the assets we now have, and we only operate about 4-6 rigs for a few years. That’s not a lot of land and that ain’t too many wells. That doesn’t require even 1,000 employees.
Cutting costs and redundancy in all aspects of business won’t even be up to our management anymore. You don’t have bankruptcy without major layoffs. Just a matter of time.
Geology and engineering are still over staffed. Probably capable of managing 15-20 rigs.
With the plan of keeping ~ 6 rigs, at least 50% of headcount that falls under frankies umbrella is at risk. 100+ people easily to cut.
Plus, any asset divestiture will be followed by personnel reduction.
Not to mention the plethora of ghosts in the land, accounting, supply chain and and finance teams.
From current ~1,900 they may have to cut it down to 1,400-1,500...
You already knew the answer to that question. They’re gonna whittle down operations to a minimum and probably even sell some stuff. Debtors are in more control than management or even execs. Don’t be surprised to see some of the management kick rocks, too.
Why wouldn’t they? When and if they pick back up, oilfield resumes will be cheap and plentiful.
of course, and there will be little to no severance