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New England Confectionery Company Objection Filed

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The United States Trustee filed with the U.S. Bankruptcy Court an objection to the motion for authorization to enter into three employee compensation plans, filed by the Chapter 11 Trustee assigned to the New England Confectionery Company case.

In support of this motion, the Trustee states, “the Modified Management and the Modified Retention Plans – propose to pay 6 insiders a total of $716,820 to stay in their jobs through the closing of an all asset sale. Because these two plans are retentive as to insiders, they violate 11 U.S.C. § 503(c)(1) and (3), and the Court should deny them. The United States Trustee does not object to stay bonuses offered to non-insider managers under the Modified Retention Plan. Nor does he object to severance payments to union employees under the Trustee’s Modified Severance Plan.”

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The post New England Confectionery Company Objection Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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