The U.S. Trustee (UST) assigned to the Memorial Production Partners case filed with the U.S. Bankruptcy Court an objection to the Company’s Amended Joint Plan of Reorganization.
The objection explains, “The UST objects to the Plan because the Plan improperly provides for a Management Incentive Plan in a manner that does not comply with 11 U.S.C. section 503(c) and because the plan is not proposed in good faith because it involves a structure for payment of funds to insiders in a way that intentionally avoids the requirements and prohibitions provided in 11 U.S.C. section 503(c).”
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