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Quadrant 4 Bankruptcy Bonus Approval Sought

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Stratitude (a wholly-owned subsidiary of Quadrant 4 Systems) filed with the U.S. Bankruptcy Court a motion for entry of an order authorizing the Debtor to pay retention bonuses to three key non-insider employees and granting shortened notice in connection therewith.

The motion explains, “By this Motion, the Debtor requests the entry of an order authorizing it to pay Retention Bonuses to the Key Employees. In order to insure the Key Employees’ willingness to remain under the employ of the Debtor, the Debtor proposes to pay the Retention Bonuses on the earlier of either: (a) the closing of a sale of substantially all assets of the Debtor; or (b) the 90th day after the entry of an order approving this Motion.”

In addition, “[E]ach of the Key Employees played an integral role in the Debtor’s maintenance and operation prior to the Petition Date and throughout the pendency of the Chapter 11 Case. It is in the Debtor’s judgment that the work performed by each of the Key Employees was necessary to preserve the Debtor’s going concern value and for the successful solicitation of the Stalking Horse Offer.” The Court scheduled a November 16, 2017 hearing to consider the motion.

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The post Quadrant 4 Bankruptcy Bonus Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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