A plan to pay seven executives of the bankrupt Philadelphia Energy Solutions oil...
FILE PHOTO: A boat passes beside the Philadelphia Energy Solutions plant refinery in Philadelphia, Pennsylvania, U.S., August 21, 2019. REUTERS/Mark Makela
The proposed key employee incentive plan has not proven to be necessary or standard, particularly as the executives were given millions in retention bonuses just days before the company collapsed into Chapter 11 bankruptcy, according to a filing in U.S. Bankruptcy Court in Delaware by the U.S. Trustee Program.
The company’s top managers would receive a minimum of $2.5 million and as much as eight times that amount in bonuses, above salaries and other expenses, as part of the plan proposed in court last month.
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