Peoria nursing home company Petersen Health Care, in bankruptcy, seeks $1.3m for employee incentives amidst objections from creditors.
Peoria-based nursing home company Petersen Health Care, in bankruptcy, requests $1.3m for employee incentives from a Delaware federal judge. $557,970 for key executives under Key Employee Incentive Plan (KEIP) and $732,323 for 26 non-insider employees under Key Employee Retention Plan (KERP). The incentives aim to expedite nursing home sales and retain employees amidst bankruptcy. Creditors object, arguing they are disguised insider retention programs. A court hearing is scheduled for Wednesday.
August 26, 2024
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