Valaris receives court approval of key employee retention plan

By Sarah Lizee

Olympia, Wash., Nov. 18 – Valaris plc is received court approval to implement an up to $24.2 million key employee retention plan, according to an order filed Tuesday with the U.S. Bankruptcy Court Southern District of Texas.

The KERP includes about 490 key non-insider employees, as previously reported.

The debtor is also seeking approval of a key employee incentive plan, which includes 12 members of the debtors’ senior management team and provides for maximum total award opportunities of $10.98 million.

A hearing on the KEIP is scheduled for Nov. 30.

Valaris is a London-based offshore drilling company. The company filed bankruptcy on Aug. 19 under Chapter 11 case number 20-34114.

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