Dura Seeks Approval To Pay CEO $2.5M Exit Bonus

Law360, New York (January 11, 2008, 12:00 AM EST) -- After failing to meet its goal of emerging from Chapter 11 by the end of 2007, Dura Automotive Systems Inc. is seeking bankruptcy court approval for its Key Management Incentive Plan for 2008, under which Dura's chief executive could receive a bonus of up to $2.5 million when the company emerges from bankruptcy.

In its Jan. 9 motion, the bankrupt auto parts maker asked U.S. Bankruptcy Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware to give a green light to...
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