GPX Trustee Balks At Exec Bonuses

By Erin Coe

Law360, New York (October 30, 2009, 3:27 PM ET) -- The U.S. trustee in GPX International Tire Corp.’s Chapter 11 case has come out against the heavy-duty tire producer’s bid to authorize a senior management incentive program that would provide stay bonuses to three officers, claiming that the program is a “disguised key employee retention agreement.”

U.S. Trustee Phoebe Morse filed an objection Thursday in the U.S. Bankruptcy Court for the District of Massachusetts, arguing that the proposed stay bonuses to GPX’s president, chairman of the board of directors and chief financial officer were unjustified and...
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