By: E&P Staff
The judge overseeing Tribune Co.?s bankruptcy restructuring Tuesday approved the payout of more than $13 million in incentive bonuses to 700 managers and other employees.
None of the bonus money will go to the 10 top executives at the Chicago media company, Tribune said in April when it asked court permission to make the payments. Tribune also said the bonuses, which recognize job performance in 2008, were also considerably smaller than in past year. Some bonus payouts have been cut by 70%, the company said.
The judge was also scheduled Tuesday to decide whether to allow Tribune to pay out another $2.6 million in severance payments to 68 former employees, the great majority of whom left before Tribune filed for bankruptcy in late December. Severance payments were stopped when the bankruptcy petition was filed.