Nothing changed......... I was with WFT thru the up and downs and the latest transformation meant that all the good people left and all the dead weight stay on a comfy job where no one was accountable of their actions.
CEO didn’t not have the balls to get rid of the bad apples.......... we all knew who they were.
People waiting for green cards were usually the ones picking up the slack...... I guess the few ones concern about the company making it. WFT goes under =no green card.
Its hard to find oilfield service company managers you cant take a shophand and make him a goid manager and the good fieldhands donr want to be managers. So you take some wireline hand that has shiny shoes and basically take your chances. Whats the worst that could happen......
Even if they reorganize it still comes down to the fact they have the same poor management running the company and a incompetent sales group. What has changed?
One wonders how many more staff they will RIF as with the amount they are throwing around in retention bonuses well before going in front of the bankruptcy judge/court is depleting a huge amount of cash! Guess they RIF more staff or borrow more money to pay the lawyers - oh right this is how that got here!
The Chapter 11 process is long and expensive. Attorney’s fees run about 4% of annual revenue--and there may be expenses for accountants and other professionals on top of that.
On top of all this only 25% of companies that file for Chapter 11 will survive--not exactly a great batting average, even in baseball.
And to the corporate talking heads in WFT who scream we are not bankrupt - BS - under bankruptcy code/law right now you are considered bankrupt until your plan of reorganisation is presented and accepted by the court and then the plan is confirmed, the debtor is out of bankruptcy and is now required to operate according to the plan. If it doesn't, creditors can head back to court and seek relief--and perhaps compel the company to liquidate under Chapter 7.