Tribune Seeks Court Approval for Management Incentive Plan
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Tribune Co., the owner of the Los Angeles Times and the Chicago Tribune, sought approval from a bankruptcy judge to pay as much as $42.5 million to 640 managers as part of an incentive plan.
The 2011 plan would pay managers $16.4 million if Tribune reaches the “threshold” performance of 91 percent of its planned consolidated operating cash flow, Tribune said in a filing today in U.S. Bankruptcy Court in Wilmington, Delaware. The payout is $32.4 million with a “target” performance of 109 percent of planned cash flow and $42.5 million if 141 percent is reached.