The United States Trustee has opposed Celsius’s request to pay up to $2.9 million as retention bonuses to employees involved in the bankruptcy process.
Celsius Network had filed a motion to implement a key employee retention plan (KERP) for 62 employees. It said that the employees are essential to its restructuring process and need to be incentivized to continue working.
Celsius claimed that the employees are not top executives but did not provide further details on their identity and role.
Bonus not justified
The U.S. Trustee opposed the motion in an Oct. 27 filing on the grounds that the $2.9 million bonus is illogical and not justifiable.
According to the U.S. Trustee, it is not logical that a company that has shut down its operations and owes about $4.7 billion to customers would propose a multi-million bonus scheme for its employees.
In addition, the Trustee said that Celsius failed to provide factual information about the KERP participants. It argued that the participants ma
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