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U.S. markets recover from steep losses
CHICAGO, April 23 (UPI) -- Tribune Co., parent of the Chicago Tribune, asked permission to pay $13.3 million in bonuses just hours after cutting 53 jobs, court records show.
On Wednesday, the newspaper laid off 53 newsroom employees, Crain's Chicago Business reported. Hours later, in Delaware, it sought permission to continue with suspended severance pay for 70 former employees and hand out bonus checks it said were "vitally necessary," the Tribune reported Thursday.
The bonus pay scheduled for 700 employees was "vitally necessary to reward the participants for their extraordinary contributions during an exceptionally difficult year," a court filing said.
Editor Gerould Kern said in a memo that the cuts were necessary for "making the leap forward to a newsroom structure that we believe is sustainable barring further significant declines in advertising revenue."
The company's top 10 executives were left off the list of those targeted for bonus pay, the Tribune reported.
On average, the bonus checks would be about $18,000, with the median amount being $9,500.
The Tribune Co. has been profitable but filed for bankruptcy due to a huge debt obligation it took on when Chief Executive Officer Sam Zell orchestrated a leveraged buyout of the company, Crain's said.
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