Sad for everyone, particularly employees, but yes ,pax too.
As usual the only one who comes out unscathed are the bankers ( rymes with . . .kers)
who are riding off into the sunset having made a pre-emptive strike (no doubt after having a good old recce during the "re-financing" meetings. . . ha ha)
Same sort of deal happened to me in a previous UK company, when the bank waited for the August income to hit the account and then promptly pulled the plug with money in the bank. 20th Sep 2001 was probably a slightly worse time to have to find a job than now, but that is not much compensation I know for those of you dumped on today by the financial "wizards" that closed down a company with very healthy forward bookings.