Tops Markets, in bankruptcy, again planning big bonuses for top executives
Tops Markets CEO Frank Curci and other high-ranking executives at the supermarket chain may end up getting big bonuses after all.
Just four months after Tops scrapped a controversial plan to pay up to $3.6 million in bonuses to Curci and four other high-ranking executives during its bankruptcy case, the company once again is proposing to pay $3.6 million in bonuses to its top managers.
The difference: This time, the bonuses would be paid after the company emerges from bankruptcy, possibly as early as November, rather than during the bankruptcy process itself.
That's an important distinction, because the bonus plan would have to comply with portions of federal bankruptcy laws if it were considered to be part of the ongoing bankruptcy case. But Tops argues that the new plan doesn't have to clear that hurdle because it won't pay the bonuses until after the company has emerged from bankruptcy.
Read more: https://www.syracuse.com/business-news/index.ssf/2018/10/tops_executives_bonuses_bankruptcy_frank_curci.html
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