Bankrupt Avaya Seeks Use Of Up To $3.7M For Exec Bonuses
Law360, New York (March 2, 2017, 5:38 PM EST) -- Telecommunications provider Avaya Holdings Inc. asked a New York bankruptcy court on Wednesday for permission to pay up to $3.7 million in this year's fiscal second quarter to 11 "key" executives as part of an incentive program to help it outperform earnings targets.
Avaya, which filed for Chapter 11 protection in January, said that maintaining its practice of doling out quarterly incentive bonuses to the members of its executive committee dovetails with its overriding goal of swiftly completing its reorganization while preserving company value and improving recoveries.
The company's "key employee incentive program" envisions a maximum award pool of about $3.7...
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