GenesisCare seeks court approval of key employee incentive plan

By Sarah Lizee

Olympia, Wash., Aug. 1 – GenesisCare Pty Ltd. is seeking approval to implement a key employee incentive plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

The KEIP would provide cash incentives for 11 members of the debtors’ senior management team.

The plan collectively provides total threshold, target and maximum opportunities of about $2.3 million, $3.07 million and $4.61 million, respectively.

The average cost per participant for the KEIP is around $280,000.

GenesisCare is a cancer care provider with headquarters in Sydney. The company filed bankruptcy on June 1 under Chapter 11 case number 23-90614.

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