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#1
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Quantegy is officially in Chapter 11
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#2
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wrote in message oups.com... http://mixonline.com/news/headline/Q...-talk-0215052/ Tom Old news. Quantegy "officially" filed for Chapter 11 protection at the beginning of January. Chapter 11 is reorganization, not liquidation. It allows for "pressing the pause button" on creditors and debts, allowing court-approved restructuring without having to liquidate everything and call it a day. John LeBlanc Houston, TX |
#4
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In article , Joe Sensor
wrote: wrote: http://mixonline.com/news/headline/Q...-talk-0215052/ Tom So are half of the airlines. Doesn't seem to make much difference. Don't you long for the old days when bankruptcy had meaning? -Jay -- x------- Jay Kadis ------- x---- Jay's Attic Studio ------x x Lecturer, Audio Engineer x Dexter Records x x CCRMA, Stanford University x http://www.offbeats.com/ x x---------- http://ccrma.stanford.edu/~jay/ ------------x |
#5
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Joe Sensor wrote: So are half of the airlines. Doesn't seem to make much difference. One studio I worked at was in Chapter 11 when I started there. They did finally close six months later. |
#6
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Hi -- I am a faculty member at Auburn University, just a couple of
miles down the road from the Opelika factory. The Quantegy shutdown (and indeed it has been a shutdown -- all staff laid off; the electricity has only been left on because of worries about toxic waste being released if it is turned off; Quantegy owes the city electric cooperative $250K) has been big news here. There is a court-administered auction going on. The high bid in the initial round was a little over $5M. There were 5 bidders, all of whom plan to restart the factory, but as of now nothing is being produced. |
#7
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Richard Chapman wrote:
Hi -- I am a faculty member at Auburn University, just a couple of miles down the road from the Opelika factory. The Quantegy shutdown (and indeed it has been a shutdown -- all staff laid off; the electricity has only been left on because of worries about toxic waste being released if it is turned off; Quantegy owes the city electric cooperative $250K) has been big news here. There is a court-administered auction going on. The high bid in the initial round was a little over $5M. There were 5 bidders, all of whom plan to restart the factory, but as of now nothing is being produced. Yup, and there are a few people (like SPARS) who are trying to put together group buys of tape. I think the problem here is that the Quantegy plant is just not optimized physically to produce small quantities of high quality tape. It is much more set up for extreme mass-production, which really isn't appropriate any longer. I think that there is still a strong demand for tape, and I think anyone restarting the Quantegy plant will pretty much have that market to themselves. But I think they are going to require some pretty serious plant changes in order to remain competitive and to start making a higher quality product profitably in smaller quantities. --scott -- "C'est un Nagra. C'est suisse, et tres, tres precis." |
#8
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Scott Dorsey wrote:
I think that there is still a strong demand for tape, and I think anyone restarting the Quantegy plant will pretty much have that market to themselves. But I think they are going to require some pretty serious plant changes in order to remain competitive and to start making a higher quality product profitably in smaller quantities. You nailed it. The new owners can reduce the output and triple the price of tape. Should be easy to turn a healthy profit. Wish I had the bucks to buy it. |
#9
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Joe Sensor wrote:
Scott Dorsey wrote: I think that there is still a strong demand for tape, and I think anyone restarting the Quantegy plant will pretty much have that market to themselves. But I think they are going to require some pretty serious plant changes in order to remain competitive and to start making a higher quality product profitably in smaller quantities. You nailed it. The new owners can reduce the output and triple the price of tape. Should be easy to turn a healthy profit. Wish I had the bucks to buy it. That's easier said than done, though. Sometimes it can be harder to make things in small runs than large ones. And I think some of the consistency issues that Quantegy has been having in the past decade have something to do with their attempts to do so. Plus, they are going to be competing with a few small companies which are starting up with lines that are more appropriate for the small production runs the market demands. It's going to be an interesting couple years. --scott -- "C'est un Nagra. C'est suisse, et tres, tres precis." |
#11
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Jay Kadis wrote in
: In article , Joe Sensor wrote: So are half of the airlines. Doesn't seem to make much difference. Don't you long for the old days when bankruptcy had meaning? Chapter 11 isn't "really" bankruptcy. It's "If you'll give us a moment to straighten things out we might still make it". But Chapter 7 is never very far away. |
#12
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In article ,
Carey Carlan wrote: Jay Kadis wrote in : In article , Joe Sensor wrote: So are half of the airlines. Doesn't seem to make much difference. Don't you long for the old days when bankruptcy had meaning? Chapter 11 isn't "really" bankruptcy. It's "If you'll give us a moment to straighten things out we might still make it". But Chapter 7 is never very far away. Off by 4 chapters. I'm not really familiar with that book, anyway. -Jay -- x------- Jay Kadis ------- x---- Jay's Attic Studio ------x x Lecturer, Audio Engineer x Dexter Records x x CCRMA, Stanford University x http://www.offbeats.com/ x x---------- http://ccrma.stanford.edu/~jay/ ------------x |
#13
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Carey Carlan wrote:
Jay Kadis wrote: Joe Sensor So are half of the airlines. Doesn't seem to make much difference. Don't you long for the old days when bankruptcy had meaning? Chapter 11 isn't "really" bankruptcy. It's "If you'll give us a moment to straighten things out we might still make it". And creditors do not have to give you the moment. You submit a Plan of Arrangement which is subject to approval or not by your creditors, and which requires that 50% of them in number _and_ amount owed approve in order for the court to allow you to proceed. A single creditor owed a ****ant's due, or a single creditor owed a bunch can derail the intended plan. But Chapter 7 is never very far away. Potentially, yes, but as long as you stick to the approved plan you can have quite a run at pulling it off. This is where I had to take AWHQ very soon after I accepted the hot seat from Eddie Wilson. -- ha |
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