We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Interstate Seeks To Bump Board's Salary

Law360 (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.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.