Under Chapter 11, what's the worst consequences for the employees?
Do we get back out RIF package?
10 replies (most recent on top)
$300M is a fix-it ticket when no one is held accountable for such blatant action
Consequence is all remaining employees will get offers from meta/google. Offers are upward of 600k base …bcoz all remaining employees are valuable assets of the world
It is of high national interest that $300 million penalty on time.
: @1sal+1n assumption those posting are gone, and you have no way of knowing Moral is sh*t so cease the boot licking
All people talking rubbish about Seagate are the people who have been asked to leave or could not survive the high performance environment created by John the Engineer, Teh the BS sales, and David Moses. Why so much in love with Seagate and writing on this page if you have already been let go and are glad you were let go? Sour grapes? Bitter?
From Google GenAI
Here are some details about Seagate Technology PLC's probability of bankruptcy:
Based on the latest financial disclosure, Seagate Technology PLC has a 27.0% probability of bankruptcy
This is 33.27% lower than that of the Technology Hardware, Storage & Peripherals sector and significantly higher than that of the Information Technology industry
Seagate Technology PLC is rated below average in probability of bankruptcy category among related companies
Seagate is paying a $300 million penalty for shipping 7 million hard drives to Huawei
The penalty is due in installments of $15 million per quarter over five years, with the first payment due in October
Seagate also agreed to three audits of its compliance program, and is subject to a five-year suspended order denying its export privileges
"The company can attempt to prove its continuation is a matter of national interest..." Isn't this the company that sold out our national interests for short term profits by selling drives to Huawei. I think it might be in US interests to let Seagate go under.
large corporations file Chp 11 worst outcome is liquidation to pay off creditors, but this is unlikely. The company can attempt to prove it's continuation is a matter of national interest and apply for loans circa 2009 GM and Chrysler
Good question. I'm more concerned Seagate could file for chapter 13. I think they would not have to pay employees then
STX will never go chapter 11,zero nada possibility...