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Tribune Co. amends bankruptcy filing
CHICAGO, The Tribune Co., owner of the Chicago Tribune, has filed documents in its bankruptcy reorganization plan about proposed payments to 43 top executives.
Tribune Co. officials gave no price tag on the proposal, but a judge has already approved a bonus plan worth $57 million for about 600 top and middle management employees, the Tribune reported Friday. In addition to the Tribune, the company owns the Los Angeles Times, The Baltimore Sun, the Hartford Courant, the Orlando Sentinel, the South Florida Sun-Sentinel and other newspapers, 23 television stations, and other radio and media properties.
Under the proposed plan, the benefits would be paid to the 43 executives if they were asked to resign after the media company emerges from bankruptcy.
If approved, Chief Executive Randy Michaels would receive 2.5 times his salary, a bonus and two years in health insurance benefits, the newspaper reported. Payments would be less for those under Michaels, but none would receive less than 1.5 times their salary, a bonus and 18 months of medical benefits.
The Tribune Co., which has been in bankruptcy since December 2008, filed the plan Thursday, and the severance agreement would have to be approved by firms that would end up controlling the company.
CHICAGO, The Tribune Co., owner of the Chicago Tribune, has filed documents in its bankruptcy reorganization plan about proposed payments to 43 top executives.
Tribune Co. officials gave no price tag on the proposal, but a judge has already approved a bonus plan worth $57 million for about 600 top and middle management employees, the Tribune reported Friday. In addition to the Tribune, the company owns the Los Angeles Times, The Baltimore Sun, the Hartford Courant, the Orlando Sentinel, the South Florida Sun-Sentinel and other newspapers, 23 television stations, and other radio and media properties.
Under the proposed plan, the benefits would be paid to the 43 executives if they were asked to resign after the media company emerges from bankruptcy.
If approved, Chief Executive Randy Michaels would receive 2.5 times his salary, a bonus and two years in health insurance benefits, the newspaper reported. Payments would be less for those under Michaels, but none would receive less than 1.5 times their salary, a bonus and 18 months of medical benefits.
The Tribune Co., which has been in bankruptcy since December 2008, filed the plan Thursday, and the severance agreement would have to be approved by firms that would end up controlling the company.
