I feel that there is no good way out. If they get bailout money, they'll burn that too. If they file Ch. 11, yes there will be severe layoffs and ripples all throughout the nation and the financial situation will get much worse before it gets better.
There are several companies that have come back strong after a ch. 11 and my dad used to work for one of them (Safety Kleen). He worked his way up and eventually was put on the chopping block because he was on of the higher paid guys. Got laid off 2 months before his 10 years were up so he got screwed out of his pension and other bonuses.
It's been more than 10 years since this happened and they're doing pretty good again. They re-organized and have their sh*t togther.
I have been working for a shop for 5-6 weeks now that makes foundry tooling. While the shop is feeling the effects, they are abel to adapt and seek out other jobs that let us float by until the economy picks up.
The bottom could still fall out and I'd be out of work, but for now the company is still doing ok and is working on 4 big contracts that would amount to 75% of what this past year's sales were. Those jobs would only last until April/May, so it's looking good till then. Hopefully the sales team can keep it up. If our shop depended solely on foundry work, they probably would have folded a couple months ago.
There was one set of tooling they were doing for one of the big 3 which has since been abandoned. The company lost several hundred THOUSAND dollars of profit from that job, but they're still open.
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