Williams Industrial gets court approval of modified employee plans

By Sarah Lizee

Olympia, Wash., Sept. 14 – Williams Industrial Services Group Inc.’s proposed key employee retention plan and key employee incentive plan were approved on Wednesday by the U.S. Bankruptcy Court for the District of Delaware, according to an order.

As previously reported, the U.S. trustee overseeing the case and the official committee of unsecured creditors had filed objections to the motion for approval.

Wednesday’s order said the plans were modified so that the total amount of both plans will not be more than $235,000, down from $375,000 as originally requested.

Any eligible employee that receives a payment awarded under the plans will waive any and all claims against the debtors’ estates.

The committee will keep its rights to pursue any Chapter 5 causes of action and any state law claims, including claims for preferential transfers and fraudulent conveyances, against any eligible employees under the plans.

Atlanta-based Williams Industrial Services is a provider of infrastructure related services to blue-chip customers in energy and industrial end markets. The company filed bankruptcy on July 20 under Chapter 11 case number 23-10961.

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