Insys Creditors Want More Guarantees In Severance Plan
Law360 (August 20, 2019, 10:18 PM EDT) -- Insys Therapeutics Inc.’s unsecured creditors want assurance that employees “involved or complicit” in criminal conduct will not receive severance pay as part of the pharmaceutical company’s Chapter 11, they told a Delaware bankruptcy court Tuesday.
In an objection filed in U.S. Bankruptcy Judge Kevin Gross’ court, the official committee of unsecured creditors said it is “astounded” that Insys has failed to guarantee that no such employees will be receiving pay as part of the drugmaker's $500,000 severance program.
“Throughout these cases, the debtors have acknowledged that the company and certain of its employees engaged in bad acts prior to these cases,”...
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