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Rand Bankruptcy Compensation Sought

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Rand Logistics filed with the U.S. Bankruptcy Court a motion for an order authorizing payment of supplemental compensation to the Debtors’ chief financial officer.

The motion explains, “By this Motion, the Debtors request authority to pay supplemental compensation of $100,000 (the Supplemental Compensation’) to the Debtors’ Chief Financial Officer, Mark S. Hiltwein. The Supplemental Compensation, which has been consented to by Lightship, will be payable to Hiltwein only if the Plan is confirmed and substantially consummated – i.e., upon the Effective Date. The Debtors, in consultation with their advisors, exercised their reasonable business judgment in approving the payment of the Supplemental Compensation.”

In addition, “In light of Hiltwein’s critical role prior to the commencement of and during the Chapter 11 Cases, the Debtors believe that the loss of his focus and efforts would be detrimental to the successful implementation of the Plan. As such, given that confirmation and consummation of the Plan (and the related requirements thereto) are the last significant milestones in the Chapter 11 Cases, the Supplemental Compensation is payable only upon the Effective Date. The only impaired creditor under the Plan has consented to the Supplemental Compensation, and, as such, the Debtors believe that the authorization to pay the Supplemental Compensation is in the best interests of their estates and all parties in interest in achieving the value-maximizing results of the Plan.”

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