Liberty Power seeks approval of employee incentive, retention plans

By Sarah Lizee

Olympia, Wash., June 4 – Liberty Power Holdings LLC is seeking court approval to implement a key employee incentive plan and a key employee retention plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of Florida.

The KEIP provides for incentive payments of up to $1.1 million to 12 members of the debtors’ senior management team.

The KERP covers 29 non-executive employees, with retention payments of up to $750,000.

The company noted that 12 of its employees or independent contractors have already resigned in favor of other employment, including one senior vice president.

Liberty said that in order to avoid any further resignations and incentivize the key employees, the chief restructuring officer has developed the KEIP and the KERP in conjunction with and with the consent of senior secured creditor Boston Energy Trading and Marketing LLC so as to ensure that the debtor will have the necessary personnel in order to conduct its business operations, successfully implement the sale process, and then wind down the debtors’ operations post-sale.

The debtors are requesting a June 8 hearing.

Liberty Power is an electric retailer based in Fort Lauderdale, Fla. The company filed Chapter 11 bankruptcy on April 20 under Chapter 11 case number 21-13797.

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