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Pacific Sunwear of California KEIP/KERP Approved

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The U.S. Bankruptcy Court approved Pacific Sunwear of California’s 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 programs and (iii) granting related relief.

As previously reported, “In order to effectively and efficiently accomplish the proposed restructuring and maximize recovery for all stakeholders, the Debtors determined that formulating and implementing the KEIP and KERP is in the best interests of their estates and all parties in interest. The KEIP and KERP will help ensure (i) that the Debtors’ key executives, who are essential to the Debtors’ dual-track reorganization and marketing efforts are properly motivated to maximize the value of their estates and (ii) that the non-insider KERP Participants will remain with the Debtors throughout the process to help manage the Debtors’ ongoing operations and the administration of the estates and to help ensure a successful outcome in these Cases.”

The U.S. Bankruptcy Court also granted in part and denied in part the Debtor’s motion for an order authorizing them to file under seal certain related information related to this motion. Read more PacSun bankruptcy news.

The post Pacific Sunwear of California KEIP/KERP Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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