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J.C. Penney Co Inc

J.C. Penney Co Inc latest

US Companies Award Execs with Bonuses Before Filing for Bankruptcy
July 19th, 2020 - 08:00 GMT

US Companies Award Execs with Bonuses Before Filing for Bankruptcy

Nearly a third of more than 40 large companies seeking U.S. bankruptcy protection during the coronavirus pandemic awarded bonuses to executives within a month of filing their cases, according to a Reuters analysis of securities filings and court records. Under a 2005 bankruptcy law, companies are banned, with few exceptions, from paying executives retention bonuses while in bankruptcy. But the firms seized on a loophole by granting payouts before filing ...
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