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What Twinkie Woe? Hostess Execs Get $1.9 Million In Bonuses
By
Garth Johnston
Published Nov 29, 2012
Modified Nov 29, 2012
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By
Garth Johnston
Published Nov 29, 2012
Modified Nov 29, 2012
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And the sad final days of Hostess as we know it continue to grind to a close. Well, sad unless you are one of the 19 senior executives who are going to get a collective $1.9 million in bonuses as former workers are seeing their retiree benefits cut. On the plus side, don't worry about the Twinkie brand. Apparently interest in Hostess' properties is "fast and furious" with at least 110 potential buyers looking to "spend substantial sums," according to a financial advisor for the company.
The news of the big bonuses—and the many suitors looking for a few Ho Hos and Ding Dongs—came out in bankruptcy court today. Hostess was looking for permission from the court to give out bonuses to executives as it winds down operations. "The company says the incentive pay is needed to retain the 19 corporate officers and 'high-level managers' during the liquidation process, which could take about a year."
Apparently less important than keeping those high-level managers was being good to former employees. In court a lawyer for the company pointed out that it was "no longer able to pay retiree benefits, which come to about $1.1 million a month." Further, it stopped contributing to its union pension plans more than a year ago.
However don't think all the executives are making out like kings. The bonuses don't include pay for CEO Gregory Rayburn, who was brought in earlier this year to restructure the company. Poor guy makes a mere $125,000 per month.
Tagged
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twinkies
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Garth Johnston
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