Does CoC for LAPC employees still hold up after an OXY Ch. 11 Bankruptcy filing?
That Bankruptcy is looking like a freight train coming down the tunnel right now.
5 replies (most recent on top)
No idea if CH11 is coming soon or not but it really doesn't matter. If they don't have the cash to make the COC payments in the first place you're screwed.
I think the 600 million is going to come on the backs of the LOXY employees that are not covered under the COC. They can cut us at 70% of our previous salary, and even if they pay us severance it will be less than cutting the counterpart LAPC. I don't think Oxy sees us as LOXY or LAPC, but sees us as dollars. A geologist making 120K under the new 30% cut will go long before the LAPC geologist making more and having the COC backing them. Why pay a 3-4 year geo a years plus salary to go when you can pay LOXY 30% less and a lot less severance. Between now and August the COC is an albatross around your neck.
@ytv+14vktAym, seems like you think Chapter 11 is coming soon. You don't think Oxy will make it to August without Chapter 11? Capex is just about as low as we can get it. I don't know where the other $600MM is going to come from that VH mentioned. Even Opex is cut to nothing.
Sorry to tell you but you're f@#$ed
I don't think you would get it because of Chapter 11 since the company is restructuring debt and you are still an employee. It would probably just stay as is until the company comes out of bankruptcy, and still be in affect under the agreement once the company comes out of Chapter 11. Maybe you will get cut before Chapter 11 and get your full amount before they cut salaries in August.