Ascend to Pay Up to $2.46 Million in Bankruptcy Bonuses to Execs

Ascend Performance Materials Inc., a bankrupt maker of industrial nylon, won court permission to pay 11 executives a total of as much $2.46 million in bonuses as the company works to cut debt and reorganize itself while in court protection.

The executives who could receive a share of that amount “play a vital role in negotiations concerning a comprehensive deleveraging transaction,” the company said in court papers filed in Houston, where Ascend filed bankruptcy.

Among those set to receive the bonuses — should the company hit certain business and financial targets — is Chief Executive Officer, Phil McDivitt, who ...