(Links to my resume removed since I'm actually putting this out in public. Still need to do an html version...)
It would appear there are new rumors surfacing in the workplace about the lifespan of my company, National Energy and Gas Transmission, Inc. (NEGT), formerly PG&E NEG. We've been in Chapter 11 for awhile, supposed to be emerging out of it soon. And yet, a report circulating around with coworkers gives a hypothetical Chapter 7 liquidation analysis. Essentially, is it more profitable (for the executives and shareholders, naturally) to emerge from Chapter 11 as a new company, or declare Chapter 7, or just sell everything off in an orderly fasion. This is an addendum to their most recent court filings. The key sentence appears at the very end:
"Current market indications suggest that an orderly sale may allow impaired creditors to achieve recoveries in excess of recoveries available in both a standalone reorganization and a chapter 7 liquidation."
UPDATE: Had an IT-wide meeting discussing rumors and such. I'm inclined to trust my director more than the rumors, he's always earned my trust. Even if in the worst case, the business gets sold off and nothing is left, it would take a minimum of a year to complete the transactions. 6 months is an impossibility. What will be, will be.
UPDATE 2004.03.03: So last week our glorious CEO dropped the bomb. Selling off the main money-maker in Portland. Company will close its doors by the end of the year. Yippy skippy.
