Bayou Steel's Ch. 11 Bonuses Draw US Trustee Opposition

Law360 (November 7, 2019, 3:52 PM EST) -- The federal bankruptcy watchdog objected Thursday to Bayou Steel BD Holdings LLC’s proposal to pay incentive bonuses to key employees during its Chapter 11 case, saying the benchmarks the workers have to achieve would be too easy to reach.

In the objection, the Office of the U.S. Trustee said that four Bayou Steel insiders will be eligible to receive a total of $435,000 in bonus payments if Bayou completes a sale of 50,000 tons of inventory at a price of at least $525 per ton. But the trustee questioned whether the bonus recipients can have any impact on the sale price....

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