Dura Execs Will Skip Bonuses To Please Creditors

Law360 (February 6, 2008, 12:00 AM EST) -- Four top executives at Dura Automotive Systems Inc. have agreed to forgo millions of dollars in bonuses to improve the chances that the bankrupt auto parts maker's Key Management Incentive Plan will be approved.

In court documents filed Monday with the U.S. Bankruptcy Court for the District of Delaware, Dura said its creditors had disagreed with the terms of the original incentive plan and that there had been no progress in resolving the dispute. The company therefore decided to amend the plan to narrow “the scope...
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.