The U.S. Bankruptcy Court issued an order approving Triangle USA Petroleum’s motion to make severance payments to certain departing employees.
As previously reported, “After a thoughtful and careful review of their post-emergence business plan and cost-structure requirements, the Debtors have decided to eliminate two management positions: Interim Chief Financial Officer (‘Interim CFO’) and Vice President of Corporate Development (‘VP – Corporate Development’). The functions associated with these roles will be assumed by other management employees.”
In addition, “Each employee agreed to execute a customary release of claims against the Debtors; in exchange, the Debtors agreed, subject to Court approval, to provide severance compensation consistent with the Severance Program – that is, one month’s base salary and benefits for each year of service (rounded to the next highest whole year). The contemplated Severance Payments for these individuals total approximately $185,000. Neither payment exceeds ten times the mean severance award for the only non-insider employee awarded severance in calendar year 2017.”
The Court also approved the Company’s motion to file this severance motion under seal and redact certain references to confidential information.
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