Tribune Creditors Want To Strip Execs Of Bonuses

Law360, New York (November 9, 2010, 12:49 PM EST) -- Unsecured creditors for The Tribune Co. are seeking to withhold bonuses from five executives who a bankruptcy examiner found likely breached their fiduciary duties, committed intentional wrongdoing, or performed little diligence before authorizing guarantees on billions of dollars in debt in a contentious 2007 leveraged buyout.

The official committee of unsecured creditors on Monday filed a limited objection to a move by debtors to implement their 2010 management incentive plan, which has previously drawn fire from other parties in Tribune's bankruptcy in the U.S. Bankruptcy Court...
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