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Armstrong Energy Bankruptcy Bonus Program Filed

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Armstrong Energy filed with the U.S. Bankruptcy Court a motion for entry of an order approving the Debtors’ non-insider retention program. The motion explains, “The Debtors seek entry of an order (a) approving the Debtors’ Non-Insider Retention Program for approximately 510 non-insider employees (collectively, the ‘Program Participants’), providing for an award pool of approximately $255,000 in the aggregate.”

In addition, “Under the Non-Insider Retention Program, Program Participants who remain employees of the Debtors through the effective date of the Debtors’ chapter 11 cases will each be granted an award of $500 – in the aggregate, this amounts to no more than $255,000. Awards will be paid in a lump sum after the Effective Date, and will coincide with the Program Participants’ final paychecks from the Debtors (the ‘Payment Date’). Payments will only be made to Program Participants that are (a) employed by the Debtors through the Effective Date and who continue to perform all of their duties and responsibilities in the ordinary course, or (b) terminated without cause prior to the Payment Date. Program Participants will receive the award regardless of whether they are offered employment by the entity acquiring the Debtors’ assets. Importantly, the Program Participants are the same employees that participate in the Debtors’ ordinary course, non-insider incentive award programs. No insider (as that term is defined by section 101(31) of the Bankruptcy Code) is a Program Participant….The Debtors believe it is important to provide direction and incentive opportunities to their workforce, especially in light of their anticipated WARN Act notices. Implementing this program is essential to maintaining employee morale and minimizing the adverse effects of these chapter 11 cases on the Debtors’ ongoing business operations.”

The Court scheduled a January 16, 2018 hearing to consider the motion.

Read more Armstrong Energy bankruptcy news.

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