Nellson Asks Court To Greenlight Reduced Bonuses

Law360, New York (April 3, 2007, 12:00 AM EDT) -- Nellson Nutraceutical Inc. has asked the bankruptcy court in charge of its Chapter 11 proceedings for permission to pay out reduced bonuses to employees, after not meeting benchmarks that would have triggered full payment.

Nellson filed a motion in the Delaware bankruptcy court on Friday, seeking approval for a modified version of Nellson’s ordinary course employee bonus compensation program, under which 133 employees—about 30% of the debtors’ workforce—would receive bonuses.

Nellson didn’t achieve certain milestones that would have caused bonuses to be paid out under the...
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