3M's Earplug Unit Employees to Get Back Wage Payments in Full
14 Setembro 2022 - 6:56PM
Dow Jones News
By Akiko Matsuda
A judge approved 3M Co.'s bankruptcy earplug subsidiary Aearo
Technologies LLC to pay employee wages, under the condition that
the amount exceeding the bankruptcy code cap be paid by the parent
company.
Chapter 11 allows bankrupt businesses to prioritize pre-petition
wages of up to $15,150 per employee over other creditors. Aearo
said because of the its employee incentive programs, wages owed to
a handful of employees exceeded the cap.
Still, paying the amount in full is important to keep workers
motivated, Aearo told Judge Jeffrey Graham with the U.S. Bankruptcy
Court in Indianapolis.
The Justice Department's bankruptcy watchdog had opposed the
request because it violates the law. The judge overruled the
objection, allowing Aearo to pay up to the cap, with the rest to be
paid by 3M, which is sponsoring the subsidiary's chapter 11
process.
Write to Akiko Matsuda at akiko.matsuda@wsj.com
(END) Dow Jones Newswires
September 14, 2022 17:41 ET (21:41 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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