Anyone been through this before? Do heads start rolling right away when BK is filed?
5 replies (most recent on top)
Not immediately, but layoffs will happen. Significant job cuts, not trimming around the edge. Get out now if you can, even with a salary cut.
As some other posters have said, if the business is sold as a whole there’ll be minimal redundancies until after the close of sale. If a buyer cannot be found then the data library and other assets will be sold (which may or may not include some personnel), and the rest of the business will be wound down with redundancies occurring then. Either way ION as we’ve known it is gone.
Data libraries have some residual value to a company like TGS
Some value also with the IP of Concept Systems
Buyers may or may not want some of the technical or sales personnel
Who in their right mind would take over this company, seismic processing is dead, thanks for the memories, adios ION
Usually not. Lenders want the company to have the appearance of a going concern to potential new owners. Once those guys take over, the blood will spill