Creditors Slam Freedom’s $7M Bonus Bid

Law360, New York (October 9, 2009, 5:54 PM EDT) -- Freedom Communications Holdings Inc.’s attempt to free up $7 million in cash for bonuses has triggered an outcry from the newspaper publisher’s unsecured creditors, who claim the debtor is trying to plunder the estate for the benefit of wealthy company insiders.

On Thursday the official committee of unsecured creditors urged Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware to refuse the bid for extra funds and denounced the debtor for scheming to enrich the company brass and bankruptcy professionals at...
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