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Bankrupt A&P's $4M Incentive Plan Gets OK

Law360 (April 28, 2011, 6:02 PM EDT) -- A New York bankruptcy judge approved a $3.7 million incentive plan Thursday for top executives of supermarket chain The Great Atlantic & Pacific Tea Co. Inc. over objections that it was a too-generous retention plan masquerading as an incentive plan.

Bankruptcy Judge Robert D. Drain approved the near-term key employee incentive plan, attorneys involved in the case said — a move A&P said was necessary to give top company executives "skin in the game and focus their attention on achieving important business goals."

A&P, which operates...
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