SpeedCast International Inc on Wednesday obtained court approval of its executive bonus plan, but only after agreeing to certain changes called for by the judge overseeing its bankruptcy.
U.S. Bankruptcy Judge Marvin Isgur in Houston signed off on the incentive plan for the Australian satellite communications provider, represented by Weil, Gotshal & Manges, at the conclusion of a telephonic and video hearing Wednesday. SpeedCast filed for bankruptcy in April with $689 million in debt as its customers, many of which are cruise ship operators, faced headwinds caused by the COVID-19 pandemic.
To read the full story on Westlaw Today, click here: bit.ly/2JkdKqf
Our Standards: The Thomson Reuters Trust Principles.