Spirit Aviation Holdings Inc. received pushback from the Justice Department’s bankruptcy watchdog and several labor unions over its proposal to pay executive bonuses, create a $500,000 “slush fund,” and provide legal shields for insiders.
The objections to Spirit’s bonuses and wind-down request were filed Friday to Judge Sean H. Lane of the US Bankruptcy Court for the Southern District of New York. They come as Spirit has pivoted from reorganizing to liquidation and has moved to pay more than $1.9 million to its CEO, general counsel and special projects vice president.
The budget airline shut down May 2 amid surging ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.