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American Eagle Energy Bonus Plan Approved, Denied in Part

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According to the U.S. Bankruptcy Court docket, the Court approved in part and denied in part American Eagle Energy’s motion for an order authorizing an employee incentive bonus plan upon consummation of the sale of substantially all of the Debtors’ assets or, alternatively, upon confirmation of a plan of reorganization.

The order states, “As provided in the Certificate, the parties have agreed to entry of an order granting the relief requested in the Motion with respect to each of the employees listed in the Motion, except for Mr. Marty Beskow and Ms. Laura Peterson. The Court having determined that it has jurisdiction over the matters raised by the Motion, that the relief requested in the Motion and agreed to by the UST and PCT as provided in the Certificate is in the best interests of the Debtors, their estates, and creditors, and it appearing that proper and adequate notice has been given and that no other further notice is necessary, and upon the record herein, and after due deliberation thereon; it is: ORDERED: The Motion is GRANTED. The Incentive Bonus Plan will only be paid upon consummation of a sale of substantially all of Debtors’ assets or confirmation of a plan of reorganization to each of the employees listed in the Motion, except for Mr. Marty Beskow and Ms. Laura Peterson. The Court will schedule a status conference on the Motion, the Supplement, the Trustee Objection and the PCT Objection as it applies to the requests on behalf of Mr. Beskow and Ms. Peterson.”

The Court scheduled a December 15, 2015 telephonic status conference with respect to the requests in the motion on behalf of Mr. Beskow and Ms. Peterson. Read more energy bankruptcy news.