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,
HERE for full text of hearing schedule.
HERE for full text of order.
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