duke
"...it's probably too late to sell now, imo...but, I believe Chap. 11 is a distinct possibility..."
Chapter 11 (Debtor in Possession) isn't necessarily a bad thing. However, the major useful provision in that procedure is prohibiting the creditors from bugging you. A "Plan of Arrangement" (payment schedule to the uninitiated) is designed to pay the creditors over a period of time. The other important thing is that the company is not supposed to incur any post-petition liability. There's a bunch of other stuff like secured vs unsecured creditors....but that's not the point I want to make. Actually, it's more like a rhetorical question.
With all GTE's problems, it doesn't appear that it has much debt. If that's the case, why would it petition for Chap. 11?
See what 2 nights at a Holiday Inn Express gets you? :):)
I'd appreciate some input from those on this board who are more up to date on the Bankruptcy Laws. Although I was quite familiar with them at one time, I retired in 1993. I'm sure there have been changes since then.
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