No law, no entitlement or anything that they have to pay severance if people get laid off. In the US its just a nice gesture. The company has no money to pay severance and a buyer, if they get one, will just terminate people since the business model of products has no value. A buyer will hang onto people for the short term and do something with the customers and finish the terminations. If you are hanging on for severance you need to face reality. SG was giving 1 week per year when they had some money, now that they have none, there is nothing to give.
@2bfn+1gZOt0kp makes a good point.