Valaris Gets Court Approval For $11M In Exec Incentives

Law360 (November 30, 2020, 10:51 PM EST) -- A Texas bankruptcy judge Monday gave Valaris PLC permission to pay its top executives up to $11 million in performance bonuses, despite asking if the offshore drilling contractor was sending its management after the right goals.

Following the remote hearing, U.S. Bankruptcy Judge Marvin Isgur said Valaris had met its legal burden to have its key employee incentive program approved, but questioned if some of the metrics used to award the bonuses could incentivize acts that would reduce the company's earnings.

"I think everyone here can tell, if I was on the board I wouldn't have voted for the KEIP plan,"...

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