GMX Retention Plan Asks Too Little Of Workers, Creditors Say

Law360, New York (May 28, 2013, 2:37 PM EDT) -- Bankrupt energy company GMX Resources Inc.’s proposed key employee retention plan drew a challenge Friday from unsecured creditors and the trustee for $51 million in bonds, who said the plan rewards employees for doing nothing more than sticking around for the sale process.

American Stock Transfer & Trust Co. LLC, the indenture trustee and collateral agent for $51 million in senior secured notes, and GMX’s official committee of unsecured creditors said in court filings that the two plans are unreasonable in light of the recent $338...
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