Tribune Co. asks bankruptcy judge to OK $42.5 million incentive plan
The bonuses would go to 640 management employees. Under the plan, Tribune will pay $16.4 million if it achieves "threshold" performance of its planned consolidated operating cash flow, $32.4 million for "target" performance and $42.5 million for "maximum" performance. Tribune, which filed for bankruptcy in 2008, says approval of the plan "continues to be critically important to maintain proper incentives for the management team as the company strives to sustain its performance despite the strains of the Chapter 11 process." || From 2010: Judge approves more than $40 million in Tribune bonuses. || From 2009: Tribune seeks management bonuses totaling up to $66 million.