Global A&T Electronics filed with the U.S. Bankruptcy Court Joint Chapter 11 Plan of Reorganization (with technical modifications).
According to documents filed with the Court, “For the avoidance of doubt, any Claims of employees otherwise subject to section 503 of the Bankruptcy Code shall be treated as General Unsecured Claims. The Plan does not approve, and will not be deemed to approve, UTAC or the Reorganized Debtors’ entry into any management incentive plan, and any such management incentive plan shall be subject to the approval of the post-Effective Date Board of Directors of UTAC or the Reorganized Debtors, as applicable, in accordance with the New Shareholder Agreement. Furthermore, the Plan does not Allow, and will not be deemed to Allow, any Claim with respect to any management incentive plan that may be approved by the post-Effective Date Board of Directors of UTAC or the Reorganized Debtors, as applicable.”
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