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Hearing on bonuses for top executives postponed
Judge seeks due diligence on employees eligible for payments
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(Reuters) - The judge overseeing Purdue Pharmaâs Chapter 11 case has tentatively approved $16.1 million in retention payments for 506 of the company s employees but conditioned his ruling on the OxyContin makerâs successful reorganization.
During a virtual hearing, U.S. Bankruptcy Judge Robert Drain in White Plains, New York, said he would sign off on the payments â which he said are not the same as bonuses because they are part of the employeesâ annual compensation â as long as Purdue doesnât wind up liquidating in bankruptcy, which at this point in the case is a long shot.