Tribune Bankruptcy Reorganization Plan: $15M in Bonuses
DOVER, Del. -- The Tribune Co. wants to pay top executives and managers more than $15 million in bonuses as part of its bankruptcy reorganization plan.
Court documents filed in Delaware this week call for 20 managers, including nine of Tribune's top 10 executives, to share more than $10 million for helping steer the company through bankruptcy. Another $4.6 million would go to 21 managers, including five qualifying under the first plan.
Tribune also proposes $1.3 million in discretionary bonuses for up to 50 other employees for restructring work.
It says the total bonus payout is about $5 million less than the maximum originally proposed.
The media company has already paid bonuses of more than $57 million since filing for bankruptcy protection in December 2008.