Ignite Restaurant Group filed with the U.S. Bankruptcy Court a motion for entry of an order approving key employee retention plan (KERP).
The motion explains, “The Retention Plan contemplates retention payments to 27 KERP Participants, provided that the employees remain employed with the Company through the sale proceeding to be consummated during the course of these cases (the ‘Sale Process’). The payments are expected to total approximately $306,000 (with the average individual payment being $11,340). The Debtors submit that the relief requested herein will incentivize management and other key employees to maximize the value of the Debtors’ estates during the Sale Process.”
The Court scheduled a July 10, 2017 hearing on the KERP motion.
Read more restaurant bankruptcy news.