According to documents filed with the U.S. Bankruptcy Court, the Court approved SFX Entertainment’s motion for an order approving its implementation of (i) a key employee incentive plan (KEIP) and (ii) a key employee retention plan (KERP), each in connection with the sale of certain of the Debtors’ non-core business units.
As previously reported, “The success of the Debtors’ NCU sale efforts is dependent upon the goodwill and support of their employees. As the Debtors’ implement the sales of their NCUs, it is imperative that the Debtors’ key personnel are appropriately incentivized to maximize the price of any sale transaction to ensure optimum recovery for all stakeholders…the majority of the value of the NCUs the Debtors are preparing to sell (including Beatport and Fame House) relates to the human capital that will travel with the businesses in connection with a sale. Accordingly, it is important to the success of the Debtors’ sale efforts that the NCU Key Employee Programs be implemented.”
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