On eve of bankruptcy, U.S. firms shower execs with bonuses
Just because you’re no longer the COO of a Fortune 500 company doesn’t mean that you shouldn’t get that Ferrari you’ve had your eye on.
Under a 2005 bankruptcy law, companies are banned, with few exceptions, from paying executives retention bonuses while in bankruptcy. But the firms seized on a loophole by granting payouts before filing.
This article was originally posted here: https://www.ac2news.com/2020/07/on-eve-of-bankruptcy-u-s-firms-shower-execs-with-bonuses/.