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Walking Company Bankruptcy KERP Approved

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The U.S. Bankruptcy Court approved Walking Company Holdings’ motion to implement a key employee retention program (KERP) for 43 non-insider employees and providing for a total award pool of $315,000 in the aggregate.

As previously reported, “The KERP specifically targets the Eligible Employees whose continued retention and employment is most necessary in order to preserve and maximize going concern value. Under the KERP, the Debtors propose to provide an aggregate payment pool of $315,000, with an average award opportunity of $7,500 per participant. No single Eligible Employee will be eligible for an award totalling more than $20,000. Importantly, no insider (as that term is defined by section 101(31) of the Bankruptcy Code) is an Eligible Employee. The Debtors and their advisors believe that the KERP is consistent with programs implemented by similarly-situated chapter 11 debtors and will provide stability to the Debtors’ operations and drive value for the benefit of all economic stakeholders. The KERP also has the support of the Debtors’ principal secured creditor constituents.”

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The post Walking Company Bankruptcy KERP Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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