24 Hour Fitness Gets OK For $6M Bonuses In Del. Ch. 11

Law360 (September 18, 2020, 7:17 PM EDT) — A Delaware judge on Friday gave her

Law360 (September 18, 2020, 7:17 PM EDT) — A Delaware judge on Friday gave her nod to bankrupt gym chain 24 Hour Fitness’ plan to pay up to roughly $6 million in incentive bonuses to 22 of its senior managers, after the maximum payout was reduced by about $2.7 million from a prior proposal and performance benchmarks were tweaked.

During a hearing held virtually, U.S. Bankruptcy Judge Karen B. Owens told stakeholders that she appreciated their efforts to work out grievances before the hearing and reach an agreement on a key employee incentive program in 24 Hour Fitness’ Chapter 11 case, adding that “significant changes” made to the KEIP…

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