US Trustee Balks At Borden's Ch. 11 Executive Bonus Plans

Law360 (May 21, 2020, 6:27 PM EDT) -- The U.S. Trustee's Office Thursday asked the Delaware bankruptcy court to reject milk producer Borden Dairy Co.'s request to pay up to $2 million in bonuses to top executives, saying the company has not justified the payments in light of the COVID-19 pandemic.

In his objection, U.S. Trustee Andrew Vara said he had no issue with more than $2 million in proposed retention bonuses for "rank and file" Borden employees, but that the company needed to show what the eight insider executives will have to do to earn their incentive bonuses.

"The U.S. Trustee objects to the approval of the proposed...

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