Diamond Incentive Plan to be Discussed at Tomorrow's Hearing

The U.S. Bankruptcy Court for the District of Delaware will hold a hearing tomorrow at 10 a.m. to review the ongoing Diamond Glass bankruptcy case, filed April 1. Among the items on the agenda is the unsecured creditors' objection to Diamond's motion authorizing it to pay incentives to senior management once the sale of the company is complete. (CLICK HERE for related story.)

According to court documents filed in the case, "The parties are continuing to resolve the objection filed by the Committee and the informal concerns of the U.S. Trustee. To the extent the objection is not resolved prior to the hearing, this matter will go forward with an evidentiary hearing and oral argument."

In addition, the court recently issued an order authorizing Diamond to reject nunc pro tunccertain unexpired non-residential real property leases and abandon any property that remains on the premises covered by the leases. Those named in the order are in Falmouth, Mass., Marshfield, Mass., Randolph, Mass., Quincy, Mass., and Hyannis, Mass.

CLICK HERE for full text of hearing schedule.

CLICK HERE for full text of order.

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