Nortel Hasn't Justified $1.8M Worker Bonuses, Trustee Says

Law360, New York (January 7, 2013, 2:29 PM EST) -- A U.S. trustee objected Monday to Nortel Networks Inc.'s bid for $1.8 million in employee incentive payments, saying the debtor did not provide sufficient information to justify the bonuses and failed to properly classify them as an administrative expense.

The defunct telecommunications giant filed its Dec. 19 motion in an effort to obtain incentive bonuses adding up to nearly $1.1 million for seven noninsider employees and enter into special incentive agreements with three insider employees that provide bonuses of up to $774,750 in the aggregate....
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.