Dana Promises Execs Bonuses Before Chapter 11 Filing

Law360, New York (March 7, 2006, 12:00 AM EST) -- Despite the company’s recent bankruptcy, some Dana Corp. executives will draw hefty paychecks thanks to six-figure cash bonuses promised to them by the board of directors just days before the company filed for Chapter 11.

Three days before the bankruptcy filing, Dana’s board approved a cash bonus for CEO Mike Burns equal to double his base salary, which last year was $825,000, if he met undisclosed performance goals.

Three more executives will receive bonuses ranging from 80% to 120% of their base salaries if their goals...
To view the full article, register now.