What happens to us when it goes to bankruptcy?
11 replies (most recent on top)
Definitely filing for bankruptcy not sure why the stock isn’t .01
@1bc Yes you can definitely lose your severance.
Am I wrong, but if they do declare bankruptcy, anyone collecting a severance would be affected.
Field operations already were sold.
Optimum is serving millions of people and businesses so they will definitely go Chapter 11 because:
If the company can’t recover and is sold or broken up:
Parts of the business may be sold to another company, often a larger provider.
Employees may be hired by the buyer
They keep operating. The company stays open, keeps collecting monthly payments, and the network stays up.
They protect the service. Shutting off internet for millions of homes, schools, hospitals, and businesses would be catastrophic and politically/legally messy. Chapter 11 lets them keep the service running while they fix the finances.
They can sell parts or the whole company in a controlled way. They can sell field operations, assets, or even the entire company under court supervision, instead of a fire-sale liquidation.
They get an automatic stay. Creditors can’t sue, seize assets, or cut off financing while the bankruptcy case is active.
Altice France buys us back for Pennies on the dollar and we start at Go and collect $200
No more free Munchkins
Not much changes in the day to day operations during bankruptcy other than the ones that drove the company off a cliff will no longer be making the decisions. Like someone mentioned in a comment earlier the market cap is about 300 million which to put it in other terms, it’s like something you would seen in a “Bargin bin” at your local store. The company is headed for bankruptcy sooner rather than later and someone will take ownership and hopefully turn things around. I actually believe this was PDs plane from the very start. Work endless schemes to funnel cash to him and his cronies for as many years as possible. Get operating expenses down just enough to keep things alive, rake in kickbacks from vendors, take Wall Streets money and put it in shell companies and not pay vendors etc. This guy has been running a con game this whole time, and even before any of us ever heard of the $hit bag. This is how he has operated for decades. His net worth has grown but the company has been on life support for years.
There is VERY little chance that one day we come in and it just shuts down, you are not just talking about hundreds of thousands of homes losing service but schools, hospitals, military bases, Fire, Police, exe exe.... The big thing that Bankruptcy would do would allow someone to scoop up the infrastructure and customers without having to take on the debt. The companies Market Cap is now around $300 million, that is chump change for Comcast, Cox, ATT, Verizon.. even some of the larger fiber companies that might want to become a major player like Ezee Fiber that is just full of former Cablevision people. But, none of them want to take on the debt.
While a judge holds hearings, and works with the creditors, most people keep their jobs and get paid and service the customers. Most bills continue to get paid. Its a quasi regulated company that provides a critical service so its not like the lights get turned off and everyone goes home. BTW...its been pretty much bankrupt for the last few years. They operate as if they are already going through bankruptcy...
At the very least we should be able to apply for unemployment. It isn’t much depending on where you live but it’s something. If anyone else has any accurate knowledge please let us all know since we will all be impacted by this.