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IN RE VELO HOLDINGS INC.

No. 12-11384 (MG).

472 B.R. 201 (2012)

In re VELO HOLDINGS INC., et al., Debtors.

United States Bankruptcy Court, S.D. New York.

June 6, 2012.

Attorney(s) appearing for the Case

Dechert LLP, By: Michael J. Sage, Esq. , Shmuel Vasser, Esq. , Davin J. Hall, Esq. , New York, NY, for the Debtors.

Tacy Hope Davis, By: Paul Schwartzberg, Esq. , New York, NY, for United States Trustee for Region 2.

Cooley LLP, By: Jeffrey L. Cohen, Esq. , New York, NY, for the Official Committee of Unsecured Creditors.

Wilkie Farr & Gallagher LLP, By: Margot B. Schonholtz, Esq. , Ana M. Alfonso, Esq. , Marina I. Zelinsky, Esq. , New York, NY, for Barclays Bank PLC, as First Lien Prepetition Agent and DIP Agent.

MEMORANDUM OPINION APPROVING THE DEBTORS' KEY EMPLOYEE INCENTIVE PLAN

MARTIN GLENN, Bankruptcy Judge.

The Debtors seek approval of a Key Employee Incentive Plan (the "KEIP"), which proposes to set aside approximately $2.875 million in incentive-bonus payments for a number of the Debtors' employees (including insiders) if the Debtors' businesses reach certain financial goals. Such plans have become commonplace in large bankruptcy cases. The United States...

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