RG Steel LLC is proposing to pay bonuses to the 10 top executives if the business is sold before the year’s end, according to the Bloomberg Bankruptcy & Restructuring Brief on Tuesday. The company does not yet have consent from second-lien lenders who in effect would pay the. The bonus pool would consist of 2.5 percent of the sale price for the assets in excess of the amount necessary to pay off funding for the chapter 11 case and first-lien debt. Additionally, managers would receive 5 percent of recoveries on subordinated debt owed to majority owner The Renco Group Inc. A hearing for approval of the bonus proposal is set for July 18.
Read More at