TSA’s filing for bankruptcy on March 2nd wasn’t a surprise. It had missed a $20 million bond interest payment in mid-January. It reached an agreement with the bond holder to file and try to sell assets to pay down debt. We’ll see how that works out and if they can avoid liquidation.
A couple of people asked me when I was going to write about it, so I sat down and started working through some of the bankruptcy court documents. Here’s the link to the court documents should you be inclined to plod through any them yourself.
But then I noticed that some other people had undertaken the task of plodding through them. Between all those articles and court filings, your need for details of the filing should be well and truly sated.
Now let’s get to what I’m calling the strategic background. In an operational sense, you probably only care about TSA’s bankruptcy if you’re an unsecured creditor. Like most unsecured creditors in most bankruptcies, you shouldn’t expect to see a lot of your money.