Tribune Co. has proposed paying managers and top executives as much as $42.9 million in additional bonuses, on top of $16.2 million in such payments it requested earlier this week.
Tribune on Wednesday, May 26, asked U.S. Bankruptcy Judge Kevin Carey in Wilmington, Delaware, to approve the additional bonuses for 640 managers at the company’s newspapers, including the Chicago Tribune, and broadcast outlets, Bloomberg News reported.
The company earlier this week asked for $16.2 million in incentive payments for 2009 performance under two compensation plans as part of a revised bankruptcy reorganization plan filed with the court.
Some of Tribune’s executives, including CEO Randy Michaels, are eligible for payments under all three of the compensation programs, Bloomberg reported, citing the filings.
Tribune didn’t immediately respond to requests for comment.
The Chicago-based company expects to begin confirmation hearings on the bankruptcy reorganization plan in mid-August and emerge from Chapter 11 later this year. The plan is still subject to a creditor vote and court approval.
The requests follow a payout of $42 million in February to top managers under bonus programs for work performed last year.
Filed by Lynne Marek of Crain’s Chicago Business, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.
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