The U.S. Bankruptcy Court approved Ignite Restaurant Group’s motion for entry of an order approving key employee retention plan (KERP).
As previously reported, “The Retention Plan contemplates retention payments to 27 KERP Participants, provided that the employees remain employed with the Company through the sale proceeding to be consummated during the course of these cases (the ‘Sale Process’). The payments are expected to total approximately $306,000 (with the average individual payment being $11,340). The Debtors submit that the relief requested herein will incentivize management and other key employees to maximize the value of the Debtors’ estates during the Sale Process.”
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