Loews Seeks OK for Executive Bonuses
Loews Cineplex Entertainment Corp. asked a bankruptcy judge to approve $4.4 million in bonuses for 78 top employees to keep them from walking out on the second-biggest U.S. movie theater chain.
Loews filed in February for Chapter 11 protection from creditors and agreed to be acquired by Canada’s Onex Corp. and Los Angeles-based Oaktree Capital Management for about $850 million. The New York-based company said in a recent court filing that it’s on the verge of a recovery and needs to retain its top employees.
In papers filed Wednesday in U.S. Bankruptcy Court in Manhattan, Loews said it will file a Chapter 11 plan of reorganization “in the near term.” Meanwhile, Loews said it’s vital for the company to keep its officers and senior managers to develop and implement the plan.
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