Posted on Tuesday, May 8th, 2012 at 4:16 pm
Tribune Co. was authorized by a Delaware bankruptcy judge last Friday to pay its top 425 managers $45 million in bonuses. Tribune Co., which owns the Chicago Tribune, the Los Angeles Times, and several other newspapers and broadcast stations, has been under Chapter 11 protection for four years.
Tribune Co. claims the bonuses are appropriate and reasonable, and no creditors have objected. The company has gotten approval for past million-dollar bonuses for the past four years. However, its plans to emerge from bankruptcy protection have not passed in bankruptcy court.
The newspaper company filed for Chapter 11 bankruptcy in 2008 after a leverage buyout left it in debt.
If you are considering filing for Chapter 11 bankruptcy protection, contact the Chapter 11 bankruptcy lawyers from the Law Office of Russell Van Beustring P.C., at 713-973-6650.