Pipeline Health System outlines key employee retention plan

Chicago, Nov. 7 – Pipeline Health System, LLC outlined a key employee retention plan in a motion filed with the U.S. Bankruptcy Court for the Southern District of Texas.

The plan covers 29 participants, with cash compensation tied to each participant’s base salary.

The aggregate amount of compensation is $1.5 million, broken into a retention payment for each participant of 28% of their base salary.

There would be two installments: 30% paid upon entry of the order of the plan and the remaining 70% paid on the effective date of a Chapter 11 plan of reorganization.

The participants, the company asserts, are not “insiders.”

The key employees are essential to maintaining ordinary-course hospital operations during the cases.

Pipeline Health System is an El Segundo, Calif.-based community-focused health care network. It filed bankruptcy on Oct. 2 under Chapter 11 case number 22-90291.

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