Financially troubled Westmoreland Coal Co. wants to pay nearly $1.5 million in quarterly bonuses to 243 of its mid-to senior-level managers, even as the company is moving through bankruptcy proceedings, according to court documents.
Westmoreland said it wants to reward its “valued employees” for their efforts to maximize stakeholder value and ability to implement its restructuring strategy. The comments came in a Nov. 26 filing with the U.S. Bankruptcy Court for the Southern District of Texas.
The bonus plan must be approved by the court, and the public will have a chance to present evidence either ...
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