Anybody think there will be more voluntary layoff offers or layoffs with severance? Do you think they will happen before, or after, bankruptcy is final? Enquiring minds wanna know
6 replies (most recent on top)
Dookie
Wake me up
when November ends
Any news? Waiting is the worst
I think that the scenario obtained with the combination of both posts here below is a quite strong possibility.
I am really sad for all the hundreds of families that will spend a very surreal Christmas. Mine included.
I think it is most logical to see 1 more massive layoff before bankruptcy is final— that's supposed to happen by end of Dec. They want to emerge in a way they think is sustainable and they won't want to pay out anything unnecessary after bankruptcy is final with what little cash and credit they emerge with. I'm betting on 1st-2nd week Dec huge layoff with smaller but some severances. Prove me wrong!
This was posted a few week ago by some insider:
my source confirmed today that Midcon and Rockies are essentially a done deal for divestiture. That alone may result in up to 300 cuts.
Then, STX is being actively offered to some of the major creditors, the final swap value will be formulated upon the final agreements with the renegotiated (or failed) midstream contracts. We may have another 200 easy cuts there.
Brazos is tricky, it could have extracted out to recreate a proxi-Wildhorse independent, but nobody seems to be interested in the required further capital investment. It appears it will just be repossesses by the top debtholder and flipped at their own terms. Bye bye another 100+ employees there.
Gulf is dead, with maybe 20 well locations left.
They will have to essentially auction it for peanuts, just like Mid-con, and farewell to another 200+ tormented souls.
If they can pull one of their typical borderline criminal deals, they manage to restructure the residual debt to hold on Appalachia. Essentially a duplicate of Cabot. For which you maybe need 500 top employees...
So, good luck to the next 1,000+ unemployment recipients !