Owner of the Baltimore Sun, Tribune plans $16 mln in bonuses on bankruptcy exit

Tribune plans $16 mln in bonuses on bankruptcy exit

Wed May 26, 2010 Total program less than originally proposed By Tom Hals

http://www.reuters.com/article/idUSN2621196520100526

WILMINGTON, Del., May 26 (Reuters) - Media conglomerate Tribune Co plans to pay top managers $16.2 million in bonuses and incentives when it exits bankruptcy under its plan of reorganization, according to court documents.

About $10.3 million of the payments will go to the company's top 20 managers for hitting the top of the company's 2009 cash flow projections, according to documents filed on Monday in the Delaware Bankruptcy Court.

The company, which owns the Chicago Tribune, Los Angeles Times as well as radio and television businesses, also plans to pay $4.6 million to 19 managers that head the company's operating units, based on last year's performance.
Five of those managers are also getting bonus payments under the cash flow-based program.

The company has been operating in bankruptcy since 2008 and has enjoyed a rebound with the stabilizing economy. Only two managers of operating units will not receive a bonus payment for the 2009 performance.

[…]

Read the entire story here: http://www.reuters.com/article/idUSN2621196520100526

20100526 Tribune plans 16 mln in bonuses on bankruptcy exit

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