The U.S. Bankruptcy Court issued an order approving Triangle USA Petroleum’s motion to make severance payments to certain departing employees.
As previously reported, “After a thoughtful and careful review of their post-emergence business plan and cost-structure requirements, the Debtors have decided to eliminate two management positions: Interim Chief Financial Officer (‘Interim CFO’) and Vice President of Corporate Development (‘VP – Corporate Development’). The functions associated with these roles will be assumed by other management employees.”
In addition, “Each employee agreed to execute a customary release of claims against the Debtors; in exchange, the Debtors agreed, subject to Court approval, to provide severance compensation consistent with the Severance Program – that is, one month’s base salary and benefits for each year of service (rounded to the next highest whole year). The contemplated Severance Payments for these individuals total approximately $185,000. Neither payment exceeds ten times the mean severance award for the only non-insider employee awarded severance in calendar year 2017.”
The Court also approved the Company’s motion to file this severance motion under seal and redact certain references to confidential information.
Read more energy bankruptcy news.
The post Triangle USA Petroleum Severance Payments Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.