Bankrupt Newspaper Introduces New Incentive Plan

One of the largest newspaper companies in the country is plowing ahead in its business bankruptcy plans with talk of a new incentive program.

If successful, the payout plan will help the company emerge from bankruptcy even faster than planned. As presented to a judge at a Delaware bankruptcy court last week, the company spoke about paying $42.5 million to 640 managers across the country. Each manager will be given $16.4 million, but only if they are able to reach certain quota or "threshold" performance by the end of the year.

The management team has stressed the importance of this deal being approved by the bankruptcy judge. Should each manager be successful at reaching the base quotas, there will be additional quotas that can be reached that will lead to more money. As it stands, the newspaper company believes that these quotas are necessary incentives and are the only way to emerge from bankruptcy protection successfully.

If your company is struggling financially, it is advised that you contact a Chicago business bankruptcy lawyer today who can provide you with options that will help you address your financial state and make improvements.