Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Peabody Energy KERP Approval Sought

0
0

Peabody Energy filed with the U.S. Bankruptcy Court a motion for an order approving a key employee retention plan (KERP).

The motion explains, “The KERP will cost the Debtors no more than $3.24 million (the ‘KERP Funds’). As currently drafted, and as reflected in the KERP Schedule, the KERP will cost the Debtors approximately $2.74 million. The highest potential KERP Award for any individual Key Employee is $134,000….The KERP Funds will not exceed $3.24 million without further order of this Court….In reviewing the KERP plans of companies with more than $3 billion in assets, the Debtors concluded that: (a) plans in the lowest quartile of overall cost were plans valued at less than $2.10 million; (b) plans in the second quartile were valued between $2.10 million and $4.40 million; (c) plans in the third quartile were valued between $4.40 million and $12.15 million; and (d) plans in the highest quartile were valued above $12.15 million.”

The motion continues, “The Debtors engaged in significant due diligence regarding the size and scope of the KERP and engaged the services of Mercer in designing the plan. The Debtors considered multiple factors, in selecting the Key Employees and placing them into the appropriate tiers.”

The Debtors also filed with the Court a motion to file under seal certain confidential information relating to the KERP motion. The Court scheduled a June 15, 2016 hearing to consider the KERP, with objections due by June 8, 2016. Read more Peabody Energy bankruptcy news.

The post Peabody Energy KERP Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images