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A Fresh Obstacle to Retaining Key Employees
Since the early 1990s, key employment-retention plans have been commonplace in Chapter 11 bankruptcy cases, often providing hefty compensation to induce managers to remain with the struggling company. Now, U.S. Bankruptcy Code �503(c) attempts to limit retention and severance payments for "insiders" -- typically officers and other senior management employees. But it is premature to say that KERPs are over for insiders: Bankruptcy courts may take a narrow view of the new limitations.
A fresh obstacle to retaining key employees
Key employment-retention plans have been commonplace in Chapter 11 bankruptcy cases. These plans, which often provide hefty compensation to induce managers to remain with the struggling company, historically have been approved under the U.S. Bankruptcy Code. But the recently passed BAPCPA may change this.