7am News, Sports and Obits

Latest WGIL news
Click to play or
Right click and "Save Target As" to download
Click for Galesburg, Illinois Forecast
Home - Cancellations - Community Events - Contact Us - Mornings - News - Obituaries - Pictures - Programs - Special Events Audio - Sports - Weather
Chicago-Based Tribune Plans $15M in Bonuses
DOVER, Del. (AP) -- 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 restructuring 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.

(Copyright 2010 by The Associated Press. All Rights Reserved.)
05 26 10 by Newsroom
News management powered by Xpression News

Click here for the WGIL News Archive

Click here for national news

The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.