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Author Topic: Bankrupt Avaya seeks $3.7 million for executive bonuses  (Read 722 times)

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Online NFCphoneman

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Bankrupt Avaya seeks $3.7 million for executive bonuses
« on: March 08, 2017, 06:58:47 AM »
Copy/Paste from here: https://www.morningstar.com/news/Market-watch/TDJNMW_20170302682/bankrupt-avaya-seeks-37-million-for-executive-bonuses.print.html

03/02/17 11:09 PM EST
By Lillian Rizzo

Company recently cut pension benefits for some retirees

Avaya Inc. is seeking to pay its chief executive and 10 other top executives up to $3.7 million in bonuses for the second quarter of this year.

While Avaya's "overriding goal remains to complete" its reorganization, its ability to achieve this goal, as well as minimizing disruption to customers, vendors, and employees, depends on its management keeping the troubled telecommunications services company's business stable, say court papers filed Wednesday.

If Avaya achieves these goals, then Chief Executive Kevin Kennedy, whose annual salary is $1.25 million, stands to receive $1.25 million to $1.56 million as a quarterly bonus, court papers say. Avaya sought bankruptcy protection on Jan. 19.

The request to pay these bonuses comes a week after The Wall Street Journal reported that Avaya has begun reducing pension benefits for certain retirees. Retirees received notice from the company that it wouldn't make supplemental pension payments due in February and March, although pensions guaranteed by federal law continue to be paid.

An expanded version of this report appears on WSJ.com (https://www.wsj.com/articles/avaya-looks-to-pay-executives-up-to-3-7-million-in-bonuses-1488485432?mod=mktw).

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-Lillian Rizzo ; 415-439-6400; AskNewswires@dowjones.com

 
(END) Dow Jones Newswires

03-02-17 2309ET

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Online hbiss

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Re: Bankrupt Avaya seeks $3.7 million for executive bonuses
« Reply #1 on: March 08, 2017, 10:33:20 AM »
Almost makes me feel guilty about not selling more IPOs. Those poor executives need another vacation house in the Bahamas.  :026:

-Hal
I gotta get out of this business...

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