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That's very fast, but somewhat expected since Affiliated Media negotiated a "pre packaged" deal with creditors to shed $765 million of its $930 million in debt. The few objections were swept away Thursday by Delaware Bankruptcy Judge Kevin Carey, who, by the way, also oversaw the bankruptcy of owners of the local Sun suburban paper chain.
newsroom that becase the bankruptcy plan was approved this month, MediaNews president Jody Lodovic will get a $250,000 bonus on top of a $500,000 bonus for his work on the bankruptcy, on top of the $1 million salary and a $500,000 annual bonus. Nice work if you can get it.
methods. The PiPress staff agreed to take 9 10 percent pay cuts and make other concessions.
Affiliated Media pooh bahs Pre Owned Rolex Watches For Sale Uk
Pioneer Press overlords emerge from bankruptcy with nice payday
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In a blistering six weeks, Denver based Affiliated Media the holding company for MediaNews Group, which owns the Pioneer Press has emerged from Chapter 11 bankruptcy.
One of the problems newspapers have is that their parent companies demand 20% returns on their investment. To do this labor always has to be cut. Does anyone care anymore that CEO's make so much money that they actually impact the benefits their workers receive? Not only does Jody get that bloated CEO pay she pays a lot less in tax both in Minnesota and federally due to the Bush and Pawlenty tax cuts. We better make sure that the legislature doesn't raise her tax a tiny bit cause she might pack up and leave Minnesota soon. Tremble at the thought. The transfer of wealth to the upper class just chugs right along.
made it clear the "reorganization" didn't affect labor contracts Rolex Watch Mens Gold or vendor payments at MediaNews papers. Shortly after Affiliated Media announced it would file Chapter 11, it emerged that the Pioneer Press was the only one of more than 150 MediaNews papers losing money at least by some accounting Rolex Daytona Chronograph Mens Watch
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