Judge OKs $32M In Exec Bonuses At Bankrupt Tribune

Law360, Wilmington (October 4, 2011, 2:08 PM EDT) -- A Delaware bankruptcy judge on Tuesday approved a Tribune Co. bonus plan that is likely to pay out about $32 million to the troubled media giant’s management team for 2011.

Tribune’s management incentive program is “critically important” to motivate personnel who cannot be compensated with stock due to the company’s restructuring and who have been paid below market averages during its three-year bankruptcy, according to court documents. The bonuses cover some 640 executives and managers and are based on the company’s operating cash flow.

The company...
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