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SFX Entertainment Objection Filed

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According to the U.S. Bankruptcy Court docket, the U.S. Trustee assigned to the SFX Entertainment case filed an objection to the Debtors’ motion to implement (i) a key employee incentive plan and (ii) a key employee retention plan, each in connection with the sale of certain of the Debtors’ non-core business units.

The objection explains, “SFX does not disclose in the Incentive Program Motion who will be participating in the Incentive Programs, such persons’ job titles, responsibilities, current salaries, and proposed incentive payment amounts, nor do they disclose the revenue or other goals that will entitle participants to receive incentives or payments.”

The objection continues, “In short, the Incentive Program Motion requests unfettered authority for SFX to pay undetermined persons undetermined amounts based on undetermined goals that have not yet been set. The Incentive Program Motion is, therefore, premature, and almost appears to be requesting an advisory opinion. As a result, the Incentive Program Motion should be denied.”

Read more SFX bankruptcy news.

The post SFX Entertainment Objection Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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