By: E&P Staff Tribune Co. wants to pay some 700 managers and other "key employees," bonuses of at least $21.5 million, according to a Chicago Tribune blog item that cites a Wednesday bankruptcy court filing.
The item by media writer Phil Rosenthal says that if Tribune Co. and its various units meet cash flow targets for 2009, the total bonus payouts could reach a cap of about $66.7 million if those goals are "greatly exceeded," documents showed.
"Tribune also asked to pay nine of its top 10 executives $3.1 million in belated 2008 bonuses," the story said. "Those incentive payments were deferred this spring when Tribune Co. sought court approval for last year's performance bonuses to expedite the process. Sam Zell, the company's chairman and chief executive, is not part of the group of 10."
The item quoted the motion as stating: "There can be no serious debate about whether the top 10 executives have earned their 2008 [Management Incentive Plan] awards."
Tribune Co. filed for Chapter 11 protection in December.
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