Judge Approves RG Steel Retention Plan - 47 ABC - Delmarva's Choice

Judge Approves RG Steel Retention Plan

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WILMINGTON, Del. (AP) - A Delaware bankruptcy judge has approved a request by failed steelmaker RG Steel to pay more than $750,000 to keep about 20 key employees on the job through the end of the year as the company finishes liquidating its assets.
    
The judge approved the retention plan following a hearing Tuesday, overruling an objection by attorneys for the United Steelworkers, who said the payments were unjustified and amounted to a gift for employees who will soon be out of jobs anyway.
    
RG Steel argued that the workers were essential to the company's wind-down and that without the payments, they may leave early.
    
While expressing some concern, the judge said RG Steel was entitled to make such a decision under its own business judgment.

 

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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