Bankruptcy Trustee objects to CEO’s Severance Payment

Part of the duties of the United States Trustees Office, a division of the Justice Department, is to review bankruptcy filings to make sure that they are in accordance with current bankruptcy laws. The Trustee’s Office has objected to a severance payment in the American Airlines bankruptcy stating that the payment is more than is allowed by bankruptcy law. According to documents filed, the Trustee objects to American Airlines CEO, Tom Horton, receiving a $20 million severance payment. The objection requests an explanation of how the board determined the CEO should receive this amount.

For more details read, “Trustee opposes $20M payout to American Air CEO.”

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