What happens if we get laid off within the Chapter 11 process? Do we get our severance in compliant with the compliance rules as it was a “normal” layoff, or is that off the table in this situation? I would appreciate some thoughts on this issue.
5 replies (most recent on top)
Nada. Probably be auctioned off to another company. However who wants to buy an eroding customer base and back office that struggles.
If you had severance prior to the bankruptcy you're an unsecured creditor and you can get in line and file a claim with the court with the rest of the unsecureds. Someone just paid himself a big fat bonus that could have been your severance check. If you get laid off after the filling we'll see. Judge Draino is the same judge who handed execs $25M in bonuses while closing 300 Sears stores, so don't get your hopes up.
Probably NOT. Thomas just took a 5 Million dollar bonus then files BK. What does that really tell you?
If you have been laid off prior to the Chapter 11 and you had a pending severance you should visit the website below and file a claim as a creditor. If you have not received a severance offer at this point there probably will not be an offer since they are in Chpt11. The way I read some of the recent info is that WIN is going to honor pending severances as employee pay which has priority. You should still cover your back and file a claim just to be sure.
Kurtzman Carson Consultants LLC (“KCC”)
http://www.kccllc.net/windstream
Information is also available by calling 877-759-8815