Diamond Offshore Gets OK For $14.5M In Executive Bonuses

Law360 (June 23, 2020, 6:20 PM EDT) -- A Texas bankruptcy judge on Tuesday approved up to $14.5 million in bonuses for top executives at Diamond Offshore Drilling Inc. after hearing that the company had reached an agreement with creditors to move the performance goals for the payments up.

Diamond had previously agreed to defer a portion of the payments until the end of the bankruptcy case, and told U.S. Bankruptcy Judge David Jones at a hearing held by telephone that it had reached an agreement with its unsecured creditors to adjust the payout benchmarks upward.

"The program has become even more incentivizing," Diamond counsel Robert Britton said....

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