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Bankrupt Dean Foods Seeks Court OK to Pay $37 Million Bonuses

Jan. 27, 2020, 9:37 PM

Dean Foods Co. is seeking court permission to pay about $37 million for worker incentives, deeming them “crucial” in keeping the food and beverage manufacturer afloat during its bankruptcy.

Up to $30 million will be set aside in a “short term incentives” program (STIP) to convince about 2,200 non-executive “essential” employees to stay, Dean Foods and its affiliates said in their Jan. 24 motion filed in the U.S. Bankruptcy Court for the Southern District of Texas. The bonuses are pegged to company performance and reaching financial objectives, it said.

The Dallas-based company said it wants to spend another $7.1 million...

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