Bankruptcy Judge OKs Tribune Severance Policy
February 3, 2009 at 12:04 PM (PT)
Among a long list of motions by TRIBUNE CO. approved by Judge KEVIN J. CAREY in U.S. Bankrutcy Court in DELAWARE TODAY (2/3) was the motion to allow the company to pay out severance packages in accordance with collective barganing agreements as well as to implement a severance policy for non-union employees. The initial motion had been objected to by a group of TIMES MIRROR retirees but the issue has been resolved and verbal approval was granted for a severance plan.
Several other motions involved the hiring of counsel and financial advisors, and the company also moved to allow the use of cash management systems and pre-bankruptcy bank accounts and busniess forms.