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Northwest Creditors OK Management Equity Plan

Law360 (April 2, 2007, 12:00 AM EDT) -- Northwest Airlines Corp. said late Friday it has gained the approval of its creditors for a salaried and management employee equity plan that will see the carrier's top 400 managers receive 4.9% of the equity of the reorganized company in restricted stock and stock options that vest over four years.

Approximately 5,200 salaried employees worldwide are eligible to participate in the plan, which will be funded with 5.5% of the equity in the reorganized company, Northwest said.

Sixty percent of the equity grants will be in...
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