The U.S. Bankruptcy Court approved Furniture Brands International’s motion to implement a key employee incentive plan (KEIP) and key employee retention plan (KERP). As previously reported, “The KEIP provides incentive payments to seven senior management employees, including insiders (the ‘KEIP participants’), based on two performance metrics: (a) a successful sale or sales of the Debtors’…

Valley Forge Composite Technologies filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Middle District of Pennsylvania, case number 13-05253. The Company, which produces technology products, is represented by Maurice R. Mitts of Mitts Milavec. According to documents filed with the SEC, on October 14, 2013 Evan Levine was elected as chairman,…

Residential Capital’s official committee of unsecured creditors filed with the U.S. Bankruptcy Court a statement with respect to the Debtors’ motion for an order approving an amendment to the engagement letter with the Debtors’ chief restructuring officer, Lewis Kruger. The committee states, “After carefully considering and discussing the Success Fee with the Debtors, the Committee…

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