Were they legitimately in financial straights? or was it the thing where they want to force regulators to allow the deal by blowing up their own company?
For example, Albertsons is blatantly doing this so Kroger can acquire them.
For example, Albertsons is blatantly doing this so Kroger can acquire them.
https://www.opb.org/article/2022/11/12/oregon-ag-files-court...
Letting employees loot the company for their own profit isn't any better.
Anyways, they knew the game. Bankruptcy auctions are essentially debtors recouping as many of their costs as possible before writing off the rest (further minimizing future taxes).