Approach Resources seeks OK of KEIP payments following asset sale

By Sarah Lizee

Olympia, Wash., Sept. 29 – Approach Resources, Inc. is seeking approval of payments under a key employee incentive program at target metric levels to some senior level employees upon closing of the sale of its assets to Zarvona III-A, LP, according to a motion Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

If the sale closes, the debtors plan to make the KEIP payments on the closing date or soon after.

Approach Resources is a Fort Worth-based oil and gas company. The company filed bankruptcy on Nov. 18, 2019 under Chapter 11 case number 19-36444.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.