Last Friday a Delaware bankruptcy judge approved Tribune Co.’s request to pay up to $45 million in bonuses to its top 425 managers and executives. Tribune says the bonuses are appropriate and reasonable, and there has been no objections from creditors.
Tribune, which owns the Chicago Tribune, the Los Angeles Times, and several other newspapers and broadcast stations, has been under Chapter 11 bankruptcy protection for four years. It fell into debt in 2008 after a leverage buyout by billionaire Sam Zell.
While the company won approval to pay out bonuses for the fourth year, Tribune has failed to have an exit plan passed in court. In June it will submit is latest exit plan for approval.
If you or someone you love is struggling with untenable levels of debt, contact the bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC by calling (239) 237-0675.