Interstate Seeks To Bump Board's Salary

Law360, New York (February 23, 2007, 12:00 AM EST) -- Interstate Bakeries Corp. has asked a bankruptcy court to bump up the salaries of its directors by $45,000 apiece to prevent the executives from jumping ship.

On Thursday, Interstate presented the court with its revised compensation plan, laying out a proposal to pay the six directors retainers of $75,000 a year.

"The revised compensation structure will assist the debtors in retaining their current directors who, as the court previously recognized, provide valuable perspective and experience," Interstate Bakeries said in court documents.

The maker of Hostess Twinkies...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.