Creditors Flag Bonuses In Houlihan's Parent Ch. 11

Law360 (December 3, 2019, 7:51 PM EST) -- The unsecured creditors of the parent company of casual dining chain Houlihan's on Tuesday asked a Delaware bankruptcy court to reject a proposed executive incentive plan on the grounds it gives the executives no reason to push up the chain's sale price.

In its objection, the newly formed unsecured creditors committee argued the bonus will be triggered by the stalking horse bid HRI Holding Corp. already has in hand and that the benefiting executives will not need to stretch themselves to reach the higher payout tiers in the program.

"Viewed together with the brief four-week span between the petition date and...

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