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Pacific Sunwear of California Objections Filed

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The U.S. Trustee assigned to the Pacific Sunwear of California case filed with the U.S. Bankruptcy Court an objection to the Debtors’ motion for entry of an order (i) authorizing implementation of a key employee incentive program (KEIP) and a key employee retention program (KERP), (ii) approving the terms of the Debtors’ KEIP and KERP and (iii) granting related relief.

The objection explains, “As the Debtors have failed to meet their burden to show that the KEIP is not a retention bonus plan, the Debtors must establish that the KEIP complies with the requirements of Section 503(c)(1) of the Code. The Debtors have not done so, and therefore the Debtors’ Motion with respect to the KEIP should be denied. The Debtors must also bear the burden of establishing that each proposed KERP participant is not an insider. The U.S. Trustee leaves the Debtors to their burden of proof and reserves all discovery rights.”

The U.S. Trustee also filed a separate objection to motion authorizing the Debtors to file under seal certain information contained within the KEIP/KERP motion. Read more PacSun bankruptcy news.

 

The post Pacific Sunwear of California Objections Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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