Has anyone ever been at a company that either went into bankruptcy or something similar or started otherwise showing signs of severe financial issues that it didn’t seem likely to recover from?

If so can you share what position you held and what happened to you as a result?

My company is firmly on the struggle bus and BK or some other serious reckoning seems likely.

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I’ve never worked for a bankrupt company but I represented plenty of them. If it was a liquidation, the legal team usually stuck around for a while (unless they decided to leave). For a restructuring it depended on how important their role was going forward.

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Get out yesterday. There are very few good reasons to gamble on staying

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Ignore the troll.

I would run searches in this bowl for “bankruptcy” and related terms. I recall this coming up before.

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Lol. Mine filed for bk and then hired me to deal with it because they didn’t want to pay for a full legal team. I didn’t even realize they were in bk until right before I started and now I’m trying to leave…

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Few times…I stayed to turn off the lights and then left. Last one out the door with the CEO.

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In my first in-house gig - a highly levered spin from a F100 biz - I restructured our debt covenants five times in my first year (for actual covenant defaults), then in the coming four years we sold the equity twice, restructured the debt multiple times and did a complex and very large AR factoring arrangement (a somewhat new thing at the time), a 3a9 with PIK restructuring and ultimately a Chapter 11. I stayed on under a KERP post-petition and it was basically our chief restructuring officer, COO and me and my staff managing the business during the administration phase of the bankruptcy which culminated in a large PE shop buying the now much lower debt company which performed very well in the following years. This was the single best experience for learning, complex work and development I had in my entire career.

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Lmao. How did you even get into this situation

Some random store? I wouldn't work there

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