NEW YORK The United
Steelworkers union has filed an official objection to bankrupt
steelmaker RG Steel LLCs employee retention plan,
according to documents filed in U.S. Bankruptcy Court in
The Sparrows Point, Md.-based
company is seeking the bankruptcy courts approval of an
employee retention plan, which would pay a $2,000-per-month
stipendpartly for health insurance coststo about 21
"key" employees during the wind-down process at the former
steelmakers facilities (amm.com, Nov. 9).
"There simply is no legal or factual basis for approval of
the (employee retention plan) motion, which proposes to give a
substantial gratuity to 21 employees for six additional weeks
of work while thousands of former employees face financial ruin
resulting from lost employment and unpaid medical claims," the
USW said in court documents filed Thursday.