12/7/2001
BOSTON (AP) - Bankrupt imaging company Polaroid Corp. wants to pay millions of dollars in bonuses to top executives, even as it lays off thousands of workers and asks others to pay more for health benefits. The company, which filed for Chapter 11 bankruptcy protection in October, has asked a U.S. Bankruptcy Court in Delaware to approve a motion authorizing at least $5 million in bonuses for 45 top executives.
The proposal could also put millions more into a bonus pool if the sale of the company generates more than $200 million, which is considered likely.
A hearing on the matter is scheduled for Tuesday in U.S. Bankruptcy Court in Wilmington, Del. A member of the committee representing Polaroid's creditors, speaking on condition of anonymity, said Thursday the committee would contest the proposal.
===== Kevin Dean Buffalo, NY ICQ: 8616001 http://www.yaysoft.com
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