Tribune Seeks Approval For New Bonus Plan ‎

CHICAGO (AP) — Tribune Co. is asking a Delaware bankruptcy judge to approve up to $43 million in bonuses for top executives and managers this year.

The plan calls for some 640 people to receive bonuses totaling from $16.5 million to $42.9 million if certain cash flow targets are met. The request will be the subject of a hearing Wednesday.

Tribune scaled back the incentive plan this summer after complaints from creditors and an employees union.

The company also agreed this week to require repayment of bonuses given executives found to have breached their fiduciary duties or engaged in wrongdoing related to Tribune’s 2007 leveraged buyout.

An independent examiner found that five members of Tribune’s current management may have been involved in such wrongdoing.