Bankruptcy Judge Shelley Chapman yesterday approved a reduced incentive plan for top executives of Sabine Oil & Gas Corp., despite opposition from unsecured creditors who demanded that any bonus scheme be linked to a sales process for the bankrupt company, Reuters reported yesterday. Houston-based Sabine filed for chapter 11 protection in July with $2.8 billion in outstanding debt, joining a growing rank of oil and gas producers suffering from plunging commodity prices. Sabine's incentive program aims to motivate executives, including its CEO, to come up with a quick restructuring plan to emerge from chapter 11. The revisions, which received last-minute backing from second-lien lenders, include lowering the threshold payout for some executives and bringing forward the date for a bankruptcy confirmation hearing to June 15, 2016.
