Authorizes Payment of Incentives to Diamond Senior Management
The U.S. Bankruptcy Court for the District of Delaware issued an
order on Friday authorizing the payment of incentive pay to certain
members of senior management at Diamond Glass as outlined in the
company's proposed executive incentive plan (CLICK
HERE for related story). The decision follows an objection by
the unsecured creditors committee to the original motion for approval
of the plan. Previously, the Court had overruled this objection,
but placed it on Friday's hearing agenda, with the following notation:
"This matter is going forward as a status report and to obtain
further guidance from the Court in connection with its May 8, 2008,
ruling on this matter."
The order signed by U.S. bankruptcy judge Christopher Sontchi reads
that the court "found that the relief requested by this Motion
is in the best interest of the Debtors, their estates and creditors,
and other parties in interest."
The order also notes that the "authorization granted hereby
to make payments to Senior Management under the EIP shall not create
any obligation on the part of the Debtors or their officers, directors,
attorneys or agents to make payments under the EIP and none of the
foregoing persons shall have any liability on account of any decision
by the Debtors not to honor the EIP."
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