I own Jan-2020 put options on a company in bankruptcy, but the stock is trading between .25 and .50 and my limit orders to sell those puts are not getting filled yet. The trading on the shares has not been halted. I am not sure if I need to feel some urgency about selling those puts or whether I am fine to wait for the price that I want. The stock has started trading with a new symbol with a Q added to the end.
This particular case is in chapter 11 and "The cases are pending before the Honorable Robert D. Drain, and are jointly administered under Case No. 18-23538." I am also interested in knowing about the situation for chapter 7 for future knowledge.
The Options Clearing Corp says: "If a company files for bankruptcy and the shares still trade or are halted from trading but continue to exist, the options will settle for the underlying shares. If trading in the underlying stock has been halted, trading on the options will be halted as well."
Do others have experience with owning puts in stocks of companies in bankruptcy which would indicate reasons to close the position quickly even if I need to leave a little gain on the table? Do options tend to remain active or do they frequently get halted?
I would like to close the position in December-2018 or Jan-2019. Am I in any real danger of the halting of trading and having to wait until the options expire in Jan-2020?