For a company with a stock market valuation of only $75 million, getting a $700 million federal loan seems to be bizarre.
Yes – the Feds claim this is an essential Department of Defense (DoD) contractor, which is doubtful, in my opinion, and they get ~30% of the company. But this is the same company the DoD is suing for overcharging.
How will they get out from under expensive Teamster contracts for 24,000 employees if they can’t reorganize under Chapter 11 bankruptcy?
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