Real Industry filed with the U.S. Bankruptcy Court a motion to file under seal Exhibits 1, 2 and 3 related to the supplemental declaration of C.R.O. Mohsin Y. Meghji in support of the Company’s key employee incentive plan (KEIP) and key employee retention plan (KERP) motion.
The motion explains, “Indeed, the Confidential Information concerning the EBITDA Achievement Bonus could, if disclosed, have material adverse effects upon the Debtors’ Sale Process. Furthermore, while the Real Alloy Debtors have publicly disclosed most of the details related to the proposed KEIP and KERP in the KEIP/KERP Motion, including detailed information regarding the two KEIP participants eligible to receive the most under the KEIP, the Real Alloy Debtors believe it is appropriate and necessary to protect the identity, title, and base salary information of the Eligible Employees. Protecting the identity of the KEIP/KERP Participants is crucial to the Real Alloy Debtors since the disclosure of such information could be very damaging to the Debtors’ businesses and, more specifically, the Debtors’ ability to retain pivotal personnel during this critical juncture of the Sale Process. Public disclosure of the Confidential Information would give the Real Alloy Debtors’ competitors an unfair advantage by enabling them to target specific employees with offers of employment that contemplate greater compensation and payments than those offered in the KEIP/KERP.”
In addition, “The loss of any Eligible Employee to the Real Alloy Debtors’ competitors at this challenging time would impair the Real Alloy Debtors’ business operations and would negatively affect the unfolding Sale Process, which the Real Alloy Debtors believe has the potential to yield maximum return for their constituents.” The Court scheduled a January 17, 2018 hearing to consider the seal motion, with objections due by January 16, 2018.
Read more bankruptcy news.