Tuesday, March 03, 2009

Chapter 11

This news a bit basi if you are spansionese. But I still want to post about it. Actually the news is all over the internet since yesterday. Speculation about my company going to file chapter 11 (under US gov) was started at the beginning of this year. But, management keep on denying that my company will be ok and they don’t have any intend to file the chapter 11.
Officially yesterday, John Kispert (CEO) declared that my company has filed a voluntary petition for reorganization under chapter 11 of the U.S. Bankruptcy Code as part of its strategy to strengthen its financial position and focus the business for long-term success.

That’s it! I just want to share that my company is under chapter 11 of the U.S. Bankruptcy Code. Ok, let me explain about the Bankruptcy Code in US. Maybe readers pening-pening ye. There are 2 chapters under the Bankruptcy Code in US, chapter 11 and chapter 7. Chapter 11 is the first choice for most of the company. Under chapter 11, company can develop their reorganization plan and continue operating as usual. Chapter 11 provides companies the time and resources to restructure their debts while continuing day-to-day operations. While under chapter 11, the company is protected for creditors by the court, preventing creditors from disrupting the operations of the company. Once the reorganization is complete, the company can come out from under the protection of the bankruptcy court and resume normal operations then pay all the creditors.

If the company did not survive under Chapter 11 for 18 months, they will need to declare Chapter 7 Bankruptcy. Where all company’s assets will liquidate! Habis, tutup kedai! The bankruptcy courts will make sure the assets were sold for the highest possible price and distribute it to all the creditors. Habis cerita!!

So, for my company we are under Chapter 11 started on 1 March 2009. Management believes that company’s current and anticipated cash resources will be sufficient to pay its expenses and maintain its business operations. So, no potong gaji!! Yeah. Wish us luck!

Company situation really make my life in miserable! Resign or not to resign? Do masters or stay here? Master by course of by research? Dpli or Kpli? KL or sedang? Bangi or Shah Alam? Engineer or student? 1k or 2k or 3k?

p/s:I write this post is based on my understanding and my experience. So, the fact might be wrong. Feel free to correct it for me cik cik lawyer sekalian. :p

12 comments:

suspansionPE said...

Hahaha...selamat men-"survive"-kan diri cik Yam..jgn jeles my application for OV approved..kui8

uwa said...

Diana,
Chet!! jeles sangat haku padamu..geram geram.. LE tak adil!

~Elaine Tam~ said...

itu suspansionPE tu sure is XXXXXANA...hahahahah!

YES! AGREEE! LE tak ADIL! Tak ADIL!!!!!!!!!!!

uwa said...

Elaine,
hahahaha..for sure la dia tu XXXXXANA yang cantik lagi menawan tu.ahaks.

Jom kita buat demonstrasi next week when she coming back.hahahha

~Elaine Tam~ said...

Ini kena besar besar punyer boikot process ni.......

Mariam, u prepare bisar-bisar punyer banner written "LE tak ADIL! Minta Pampasan!"

I will prepare the speaker, bisar punyer..Let all Shah Alam factory hear it! Hahahahha!

XXXXANA, you tolong kasi shout kuat kuat at the back! Haaha!

Mohd Faiz Safwan said...

mantap sungguh ayat ko describing all the codes..sections dlm bahasa law ni..
ayat ko karang sndiri ke..
ko copy paste dari mane2??
hahhaha

uwa said...

Elaine,
Ok, jom design banner! U terel designing ni. Sure cantik banner kita nanti.

Eh, jangan ajak XXXXXANA, nanti dia bukan shout dia menyanyi saja lebih. hahahahahha

uwa said...

Faiz Safwan,
Chet giler perli gua!! Taule english gua tak hebat.Bukan macam ko mmg student2 nk pegi fly punya stock englishnye.

Tau le kita selalu mintak tolong ko buatkan ayat english ni.

Makan dalam perlian mu ini! hish...

Btw, apa guna internet kalau tak search kan. So, kita refer2 dari sana le. and copy sikit2. perkataan yang canggeh tu semuanye copy aje. yang macam ayat darjah 3 tu all come from me.

Eznag said...

Cik Uwa,

kalau la LE jumpa blog nie...terasa mungkin ur life in Spansion is over....tapi belom tentu buang la...sure LE buat ur life misrable....huhuhu

uwa said...

Eznag,
or Ezmah ni?
hahahahaha. Habis la die! die! die! kena terminate terus kot. Sysss..diam diam je-lah jangan kecoh2. hahahahahha..

suspansionPE said...

hehehe Elaine + Yam...pity2 gals... ^^
eh ur boss tu lg pandai counter-attack, so make sure both of u buat banner sebesar spansion br dia takut... n_n
i stakat jadi pompom gurl dari bangunan Proton blh la.. hehehehe..
ALL THE BEST!!!

~Elaine Tam~ said...

SuspansionPE : Pompom girl also ok! Can i request the pompon girl to wear sexy and short mini skirt?

So to attract MD to be at our side?? Hahahah!