Riverstone Pleads For $6.55M Bonus Package

Law360, New York (March 9, 2006, 12:00 AM EST) -- With employee morale at a delicate point, bankrupt telecommunications company Riverstone Networks Inc. has asked the court to approve a $6.55 million bonus package designed to retain key employees as the company prepares for its upcoming asset sale.

Riverstone filed the request in U.S. Bankruptcy Court in Delaware on Wednesday, claiming in court papers that the benefits will help keep employee spirits high and guarantee the closing of an asset sale.

The request comes almost two weeks after U.S. Bankruptcy Judge Christopher Sontichi decided to allow...
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.