Bankruptcy Law News

Valaris Bonus Plan for Rank-and-File Employees Approved by Court

Nov. 17, 2020, 8:18 PM

Valaris Plc’s proposed bonus plan for its non-executive employees was approved by a bankruptcy court in a hearing Tuesday, but its management incentive program still faces opposition.

  • The bankrupt offshore drilling company can pay as much as $24.2 million in bonuses for 490 non-insider employees, Judge Marvin Isgur ruled
    • About 50% of the total amount will be allocated to retention, and the other half for incentive payments
  • Note: Valaris’s proposed bonus program for executives faces an objection from its bank agent, with a hearing on the matter scheduled for Nov. 30

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