I know many people are worried about possible layoffs if not enough people accept VSP offers, but I am not worried one bit. Judging by this forum as well as what I hear at the office, there are very few happy Occidental employees. This is an ideal opportunity for them to leave with a nice safety net and be done with this place for good.
Not only do I think enough people will accept, I think the company will be able to choose between who to leave and who to let go.
Chapter 11 and all common stockholders wiped out
Only bond and warrant holders will get anything picking over the dead carcass of what was two great companies less than 12 months ago
VH did a great job and deserved her full compensation (not)
Bankruptcy is a bigger threat. Oil at $30 doesnt mean anything to a company anchored with heavy debt.
I am with @jtn, how real is the threat of bankruptcy?
I believe the same. Layoffs are coming and if you are within reason they will accept your VSP. In this case I am glad to be LOXY. THE LAPC folks may have protection for a few years, but all that is going to get them a free ride to the bottom of the lake when Oxy sinks with reduced salaries and reduced benefits. Oxy can just layoff Oxy folks for so much cheaper of a package. If LAPC is willing to take a year or less they might get out. If they stay here and do a terrible job they will be fired for cause and sent out the door with nothing. All the LOXY and LAPC offered the VSP in the fall and did not take it for whatever reason should learn a valuable lesson here, and that is. The first offer is always the best offer. Good luck to all.
I’m more worried about bankruptcy