FYI, this turd is going ~OUTT of business a la Sears. It will file bankruptcy (Chapter 11) and then will present a reorg plan to creditors. Creditors and the BK court can either approve the plan or not. If no reorg plan is approved by the creditors AND the BK court, it will move to Chapter 7 (liquidation) and all assets will be sold with the proceeds going to creditors and the corporation will be dissolved either formally or simply by allowing the corporation to default and be revoked by the secretary of state in the state in which it is incorporated.
BBBY is a dead turd floating now. All that is left to do is wait for the inevitable flush. Even if Bed Bath and Bygones manages to get a Chap 11 reorg plan approved, current shareholders will be wiped ~OUTT - either by cancellation of the ticker and a new common stock with a new CUSIP issued to creditors or by a gargantuan reverse split with new shares issued to creditors with the existing common stock shareholders diluted to dust.
And if no Chapter 11 reorg plan is approved, the corporation is liquidated with all assets sold off - and the dead corp shell will still owe any unpaid debts left after all liquidation proceeds are distributed - the corp will owe those debts forever as, unlike personal bankruptcy, a business Chapter 7 liquidation does not erase any remaining unpaid debt. So the corp will either be wound up and dissolved formally or simply left to rot until the secretary of state of the state of incorporation does it automatically over time.
There ya go.
AI
