Inside these posts: Tribune bankruptcy

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July 30, 2010 at 11:47 a.m.
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Filed under: Bankruptcy, Chicago executives, Media, Updated

Tribune Co. asks for golden parachutes for top execs

By Michael Oneal

Tribune Co. proposed paying its top 43 executives a severance package of cash and benefits if they are asked by a new board to leave the company after the Chicago-based media conglomerate emerges from bankruptcy.

The company didn’t put a price tag on the package, but said it amounts to 2.5 times salary and bonus for Chief Executive Randy Michaels, and 2.25 times salary and bonus for Chief Operating Officer Gerry Spector. Both would be entitled to 24 months of the company’s group health benefits.

Nine other top executives, including Tony Hunter, the publisher of the Chicago Tribune, and Eddy Hartenstein, publisher of the Los Angeles Times, would get 1.75 times salary and bonus plus 24 months of benefits. A list of 32 others would get 1.5 times salary and 18 months of benefits.

Tribune Co. filed the plan late Thursday as part of a supplement to its plan of reorganization.
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July 26, 2010 at 4:24 p.m.
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Filed under: Bankruptcy, Media, Updated

Tribune Co. warns of more bankruptcy delays

By Michael Oneal

Tribune Co. warned Monday that its nearly 20-month-old bankruptcy proceeding could be delayed again over a brewing dispute involving the release of a court-appointed examiner’s report in the case.

The report, which is being prepared by Los Angeles lawyer Kenneth Klee, is due before midnight Monday. But in a filing Friday, Klee said wrangling with various parties over the confidentiality of documents attached to his report would force him to submit a heavily redacted version, pending a judge’s ruling on the issue. Get the full story »

June 7, 2010 at 11:13 a.m.
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Filed under: Bankruptcy, Media

Tribune expected to begin polling creditors

Reuters | Tribune Co modified the description of its reorganization plan on Friday
to add language requested by a bankruptcy judge, likely clearing the
way for the media company to put the proposal to a vote by creditors.

The owner of the Los Angeles Times, Chicago Tribune and New York
television station WPIX was directed by Delaware Bankruptcy Judge Kevin
Carey on Friday to change the description of how it treats holders of
bridge loans.

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May 25, 2010 at 11:31 a.m.
26 comments
Filed under: Bankruptcy, Chicago executives, Jobs/employment, Labor, Media, Unions

Tribune pursues $14.9M in bonuses for 35 execs

By Michael Oneal
| Tribune Co. plans to pay 35 of its top executives $14.9 million in additional 2009 bonuses, a court filing revealed late Monday, despite pointed opposition to the proposal from several key constituents in its 17-month-old Chapter 11 bankruptcy case.

The company describes the bonuses, devised as two plans, as rewards for steering the company through bankruptcy court while generating total operating cash flow of $494 million in 2009.

The payments would supplement $42.1 million in management incentive bonuses the court allowed Tribune Co. to pay in February to approximately 670 managers, including most of the executives included in the most senior group.

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