Thread regarding Anadarko Petroleum Corp. layoffs

CoC in Bankruptcy for L-APC

Bankruptcy Court’s holding that severance claims are entitled to priority treatment up to the maximum amount provided by Bankruptcy Code 11 U.S.C. § 507(a)(4)

Bankruptcy Code: an employee is entitled to priority treatment of “allowed unsecured claims, but only to the extent of [$13,650] for each individual. . . earned within 180 days before the date of the filing of the petition or the date of the cessation of the debtor’s business . . . for (A) wages, salaries, or commissions, including vacation, severance, and sick leave pay earned by an individual.” 11 U.S.C. § 507(a)(4)

Note: To the extent that any Employee is owed more than $13,650, OXY can seek authority from the Court to pay such amounts by separate motion pursuant to Bankruptcy Code section 502. This introduces several “ifs”.

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Post ID: @OP+14XJgizz

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@1ktc+14XJgizz - if you saw it on the OXY page, then what does that say about you.
Anyway, I hope the information reaches those who need it, L-OXY or L-APC.

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Post ID: @1mpn+14XJgizz

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