Law360, New York (June 06, 2012, 4:40 PM ET) -- A New York bankruptcy judge on Wednesday approved a $2.9 million key employee incentive plan requested by Velo Holdings Inc. as a means of keeping critical employees on board during its Chapter 11 restructuring, overruling two objections from the U.S. trustee.
U.S. Bankruptcy Judge Martin Glenn approved the KEIP, which proposes to set aside about $2.875 million in incentive bonus payments for a number of Velo employees if certain financial goals are achieved, noting that such plans have become commonplace in large bankruptcy cases.
“The debtors...
Velo's $3M Key Employee Incentive Plan Gets Judge's OK
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