Court OKs Tribune Bonus Plan
January 27, 2010 at 3:52 PM (PT)
TRIBUNE CO. has been granted the right in bankruptcy court to grant $45.6 million in bonuses to a group of 720 managers and executives. Judge KEVIN CAREY approved the bonus pool in a ruling TODAY (1/27).
The WASHINGTON-BALTIMORE chapter of the NEWSPAPER GUILD and the trustee objected to the bonus pool and two other bonus pools to be ruled upon later. TRIBUNE argued that the bonuses are necessary for morale and the union complained that the bonuses were excessive and far above the normal percentage of cash flow.