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A federal bankruptcy judge denied Hawker Beechcraft Inc. its request to pay its top eight executives massive bonuses, as reported in an August 24th, 2012 online Reuters article.
The company claimed that the bonuses were to be a reward to the executives for staying on with the company. However, the judge found that a $5.33 million bonus was not justified since the company could not show how the executives contributed to the company in such a significant way. Although the judge ruled to not allow the excessive bonuses, he did state in his reasoning that the executives may be entitled to receive some sort of bonus.
Earlier this summer, the company filed for a Chapter 11 bankruptcy, which provides it with a certain level of protection against their creditors.
We, at the law offices of Jayson Lutzky, P.C. (www.BankruptcyNYC.com) are here to help you. We stay current on the latest developments in bankruptcy and care about each and every client. It is important to hire a qualified attorney if you are considering bankruptcy, one that will explain each step of the process to you. For a free consultation, call us today: (800) 660-LAWYER or (800) 660-5299.