Post by pavel on Jan 21, 2016 0:14:43 GMT -6
Proposal by bankrupt Alpha Natural Resources to pay executives big bonuses draws objections
An oversight office and union organizations are challenging bankrupt Alpha Natural Resources’ proposal to give bonuses of up to $11.9 million to top employees even as it seeks to cut health and insurance benefits to some retirees.
The coal company, which has operations in Kentucky, said in a court motion that it needs to pay incentive bonuses to executives playing key roles in efforts to restructure the company and return it to profitability.
However, the U.S. Trustee Program argued that the Alpha executives already have a duty to do the work covered under the bonus plan, and are paid well to do it.
The trustee’s office, a division of the Justice Department, serves as a watchdog in bankruptcy cases.
Read more here: www.kentucky.com/news/state/article55708190.html
An oversight office and union organizations are challenging bankrupt Alpha Natural Resources’ proposal to give bonuses of up to $11.9 million to top employees even as it seeks to cut health and insurance benefits to some retirees.
The coal company, which has operations in Kentucky, said in a court motion that it needs to pay incentive bonuses to executives playing key roles in efforts to restructure the company and return it to profitability.
However, the U.S. Trustee Program argued that the Alpha executives already have a duty to do the work covered under the bonus plan, and are paid well to do it.
The trustee’s office, a division of the Justice Department, serves as a watchdog in bankruptcy cases.
Read more here: www.kentucky.com/news/state/article55708190.html