Intelsat SA, a bankrupt Luxembourg satellite company, has asked a bankruptcy court in Virginia for permission to pay six top executives $17 million in bonuses.
Awards in the key employee incentive program (KEIP) would only be paid out if certain targets for 2020 are met, the company said in a filing Tuesday with the U.S. Bankruptcy Court for the Eastern District of Virginia.
“The KEIP Participants will not be eligible to obtain any award simply as a result of merely ‘showing up,’” the filing said.
The bonuses would include up to $6.9 million for Stephen Spengler, the company’s director and...