Bonuses at Troubled Tribune?
Back in late April, Tribune Company was handing out pink slips to 53 employees at its flagship paper the Chicago Tribune. Later that same day, it was in a Delaware bankruptcy courtroom asking a judge to approve more than $13-million in bonuses to 700 of its workers.
The Tribune's chief financial officer told the judge the bonuses were needed to motivate key managers during the sour economic times. Tuesday, the judge signed off on the request, but the company's top 10 managers aren't getting any of the money.
Tribune Company filed for Chapter 11 protection in December saying it was struggling to manage the heavy debt taken on when it went private in late 2007.