To nobody’s surprise, ION disclosed they missed the December debt payments. Step #1 on the way to bankruptcy court is complete. This isn’t just a train wreck - it’s a train flying off the tracks into a flaming dumpster full of dog turds.
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In all probability, the doors will probably be ordered to remain open by the bankruptcy court until most of the debits have been paid. The unfortunate part is, the executives will bail out on golden parachutes while the workers have to work off the debt at half of their pre-bankruptcy salaries. Also, the current administration is not doing the Oil Industry any favors, so job openings are going to be tight in 2022.
Merry Christmas everyone!...... How long do you think ION has left? Two, Three, Four months?