Bankrupt Borden Dairy Gets Revised Worker Bonuses Approved

Borden Dairy Co. received approval to implement two bonus programs worth up to nearly $4 million for incentivizing executives and retaining other “key employees” as the bankrupt milk producer looks to cement a restructuring transaction.

Dallas-based Borden won the right to set aside payments for employee bonuses during a telephonic hearing Monday at the U.S. Bankruptcy Court for the District of Delaware after facing pushback from creditors over the metrics for calculating executive compensation and the inclusion of employees with high-level titles in the retention program.

The company moved participants with the title of “vice president” from the employee retention ...