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Rand Logistics Bankruptcy Compensation Approved

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The U.S. Bankruptcy Court approved Rand Logistics’ motion to pay supplemental compensation to its chief financial officer, Mark S. Hiltwein.

As previously reported, “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.”

Read more Rand Logistics bankruptcy news.

The post Rand Logistics Bankruptcy Compensation Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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