Wednesday, October 3, 2018
Your Questions on the 2018 FENOC KERP
In an Employee Update last week, we noted that Bankruptcy Court Judge Alan Koschik declined to approve our 2018 FENOC KERP as proposed. You have asked a number of questions about the ruling and the steps we are taking in response. Below we address some of those questions.
Why did the Bankruptcy Court not approve the KERP?
The Court concluded that FENOC did not present enough evidence to justify why some employees were included in the KERP and others – specifically, unionized employees – were not. Importantly, the Court did not suggest that any employees now included in the KERP be removed, and it did not suggest that all employees be included. Rather, the Court said that the Company must provide enough detailed evidence about employee job functions to support its decisions on whether to include or exclude them from the KERP.