Tue, Aug 28, 2012
Eight Company Officials Had Been In Line For $5.3 Million
The judge handling the bankruptcy case of Hawker Beechcraft ruled last week that it would be inappropriate to pay $5.3 million in bonuses to eight executives, essentially rewarding them for staying in their jobs.
U.S. Bankruptcy Judge Stuart Bernstein said the bonus plan was little more than a retention program for the corporate officials. He said that the plan did not meet legal standards that require "challenging goals" to be met before paying bonuses to executives of a company in bankruptcy, according to a report from the Associated Press.
Formal objections to the plan had been filed by the International Association of Machinists, which voted Friday to accept changes in the pension plan offered to unionized workers, and the watchdog agency of the U.S. Justice Department.
In a statement, HBC defended the plan as recognizing the "critical role" top management plays in assisting the company emerge from bankruptcy. In July, the court approved $1.9 million in bonuses for 31 lower and mid-level managers, but it asked for additional information before agreeing to bonuses for those at the highest level.
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