US Trustee Balks At Bankrupt OSG's $14M In Bonuses

Law360, Wilmington (March 18, 2013, 7:54 PM EDT) -- The U.S. Trustee on Friday questioned Overseas Shipholding Group Inc.’s bid to pay $14 million in bonuses to hundreds of the bankrupt oil shipper’s employees, along with a handful of executives, saying OSG needs to disclose more details to prove the bonuses are necessary.

In an objection filed in Delaware bankruptcy court, U.S. Trustee Roberta A. DeAngelis targeted OSG’s new proposal to pay an estimated $9.8 million to around 200 nonexecutive “shoreside” employees, along with a motion to continue a pre-existing bonus plan paying eight executives...
To view the full article, register now.