Trustee Objects To Another Dura Bonus Plan

Law360, New York (June 22, 2007, 12:00 AM EDT) -- The U.S. Trustee overseeing Dura Automotive Systems Inc.’s Chapter 11 case has objected to the bankrupt auto parts maker’s plan to pay up to $1.3 million in bonuses to executives at its Atwood Mobile Products unit.

In court documents filed Thursday with the U.S. Bankruptcy Court for the District of Delaware, U.S. Trustee Kelly Beaudin Stapleton said Dura had not yet demonstrated why the payments were appropriate.

“In light of clear congressional intent under the (Bankruptcy Abuse Prevention and Consumer Protection Act) to limit unchecked retention...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.