Oct. 4 (Bloomberg) — Tribune Co. won court approval to pay as much as $42.5 million in incentive bonuses to 640 managers of the bankrupt newspaper publisher.
The recipients, who include television-station managers and newspaper executives, will split a bonus pool that will be based on Tribune’s operating cash flow at the end of the year. U.S. Bankruptcy Judge Kevin J. Carey approved the bonuses today in Wilmington, Delaware.
The bonuses are “critically important to maintain proper incentives for the management team,” Tribune said in a court filing dated Aug. 30.
Tribune expects to end the year with $517 million in cash, Brian J. Gold, a company attorney, said in court. That means executives would split from $26.4 million to $32.4 million, according to the plan. They would split $42.5 million should Tribune reach $700 million in operating cash flow.
Jesus tits, BUCKY could run a newspaper with that amount of money, and he has no thumbs.