(Ann Arbor-WWJ) While Borders Group struggles to emerge from bankruptcy protection, it will be able to pay its top executives large bonuses.
A federal bankruptcy judge in New York has given the Ann Arbor-based bookseller permission to hand out bonuses totaling 6.6 million dollars in an effort to prevent some executives from leaving the company.
The Office of U.S. Trustee objected to an earlier request for eight million dollars in bonuses.
Borders says the incentives are necessary in order to prevent top executives from straying. The company says 47 execs have left since February’s Chapter 11 filing.
Borders is hoping to emerge from bankruptcy protection a leaner, more profitable company by late summer or early fall.
(Copyright 2011 WWJ Newsradio 950. All Rights Reserved. The Associated Press Contributed To This Story.)