Executives pocketed big bonuses before declaring bankruptcy, firing thousands
By Tory Newmyer
with Brent D. Griffiths
Executives pocketed big bonuses before declaring bankruptcy, firing thousands
Here’s some salt for the economic wounds reopening as the recovery stalls: Executives at a number of name-brand companies pocketed millions in bonuses days before declaring bankruptcy in recent months.
“Since the pandemic took hold in March, at least 18 large companies have rewarded executives with six- and seven-figure payouts before asking bankruptcy courts to shield them from landlords, suppliers and other creditors while they restructured,” Abha Bhattarai and Daniela Santamariña report. “They collectively meted out more than $135 million, documents show, while listing $79 billion in debts.”
more:
http://www.washingtonpost.com/politics/2020/10/27/finance-202-executives-pocketed-big-bonuses-before-declaring-bankruptcy-firing-thousands/?utm_campaign=wp_the_finance_202&utm_medium=email&utm_source=newsletter&wpisrc=nl_finance202
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