Best thing that happened to me. True about the management though. In a BU of 55 engineers, 9 got laid off, 8 of them Americans, and the other Americans in the team got relocated, leaving just 1 token American in the BU left out of about 44. HR "investigated" and said that there was no discrimination.
I found a new job in 2 months though and could not be happier. Dark clouds with silver linings and all that.