Breitburn Energy Partners filed with the U.S. Bankruptcy Court a motion for entry of an order approving Debtors’ retention and incentive programs for certain key employees.
The motion explains, “The Debtors believe that the Employee Programs are essential to appropriately motivate an already lean workforce during these chapter 11 cases, particularly in the challenging environment facing the oil and gas industry. Indeed, the Employee Programs were expressly formulated to ensure the continuation of market-based compensation and, where applicable, to provide incentive-based compensation only if challenging operational goals are obtained. The Debtors believe that the Employee Programs are critical to maintaining and appropriately incentivizing their work force and that they will enhance enterprise value for the benefit of the Debtors’ economic stakeholders. The Debtors’ management personnel and other employees are vital to their operations and revenue generating capacity.”
The Court scheduled an August 18, 2016 hearing on the motion, with objections due by August 11, 2016. Read more Breitburn energy bankruptcy news.
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