By Becky Yerak
Bankrupt beauty products supplier Revlon Inc. is seeking court permission to pay a total of $14.5 million to $36 million in potential bonuses to eight insiders, including Chief Executive Officer Debra Perelman.
In a court filing Thursday, Revlon said it wants approval to make the variable payments over 18 months to keep the top senior executives on board as it tries to maximize the value of its business in chapter 11.
In recent weeks, at least two Revlon higher-ups have said they are leaving the company, and others are being recruited. The key employee incentive plan will be tied to such measures as operating income, cash flow and sales. If goals aren’t met, nothing will be paid.
The compensation plan was fashioned after “difficult five-week negotiations” with a group of lenders and is “well within the range of incentive plans approved by bankruptcy courts.”
Write to Becky Yerak at firstname.lastname@example.org
Read the full article here