Law360, New York (March 05, 2009, 12:00 AM ET) -- The state of Connecticut is looking to stop bankrupt newspaper publisher the Journal Register Co. from paying executive bonuses of up to $1.7 million while simultaneously slashing hundreds of jobs.
Connecticut, a creditor and party-in-interest in the case, filed an objection Wednesday with the U.S. Bankruptcy Court for the Southern District of New York, saying the Journal Register failed to demonstrate that the bonuses were authorized under the Bankruptcy Code.
“The debtor's decision to reward its executives ... for eliminating [jobs] in the midst of the...
Conn. Objects To Newspaper's Exec Bonus Plan
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