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Dextera Surgical Severance Benefits Approved

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Dextera Surgical filed with the U.S. Bankruptcy Court a motion to pay severance benefits to certain non-insider employees.

As previously reported, “The Severance Benefits to be paid to the December RIF, the Reduced Insider Employees total $84,224. 17. Section 6.6 of the APA requires the Buyer to provide the Debtor with a list of those Employees it wishes to hire as of the Closing. The Debtor anticipates that the Buyer will hire many, if not all, of the Remaining Employees; however, the Buyer is not required to employ any Employee for any period of time after the Closing.”

In addition, “If all Remaining Employees were laid off and not hired by the Buyer, and the Debtor provided similar Severance Benefits to those Remaining Employees, that amount would total $235,000; however, the Debtor expects the Buyer to offer employment to many, if not all, of the Remaining Employees. This Motion therefore seeks authority to pay Severance Benefits to the December RIF Employees and the Severed Remaining Employees, with the latter expected to be, at most, a small subset of all Remaining Employees.”

Read more Dextera bankruptcy news.

The post Dextera Surgical Severance Benefits Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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