The U.S. Bankruptcy Court approved C&J Energy Services’ non-insider compensation program.
As previously reported, “This Motion seeks the approval, on a postpetition basis, of the Debtors’ prepetition non-insider employee compensation program (the ‘Non-Insider Compensation Program’) applicable to the Debtors’ critical non-insider key employees….The Non-Insider Compensation Program – contemplates quarterly incentive compensation to 56 Participants, which payments are expected to total approximately $1.8 million for the third quarter payment due on or before November 1, 2016 and approximately $1.8 million for the fourth quarter payment due on or before February 1, 2017. All 56 Participants were eligible or became eligible for the Non-Insider Compensation Program prepetition.”
Court-filed documents continue, “Due to the general uncertainty associated with the Debtors’ chapter 11 restructuring process, the Debtors believe the Non-Insider Compensation Program mitigates these concerns and will motivate the Participants to remain with the Debtors, focused on ably executing their work throughout the Debtors’ restructuring process.” Read more oil & gas bankruptcy news.
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