May 18, 2018 / 9:13 PM / 7 months ago

Bankruptcy watchdog opposes energy producer Exco's bonus plan

Bankrupt Exco Resources Inc should not be allowed to pay up to $3.8 million in incentive bonuses to top executives because the performance targets are not challenging, according to the U.S. government’s bankruptcy watchdog.

The U.S. trustee in court papers filed on Thursday also argued for an order denying Exco’s key employee incentive plan, or KEIP, because there is no connection between the duties of the executives and how they would meet performance targets pegged to production volumes, controlling general and operating expenses and well development costs.

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