Yes it is all the Unions fault. The Union didn’t agree to take huge pay cuts. So the company no longer exists. Lets reward the executives with 1.8 million in bonuses. Nothing says you did a great job like driving the company face first into the ground. That kind of accomplishment should be celebrated. The workers get the blame and the pink slip. The executives run home with the suitcases full of cash.
Hostess Brands Inc. is asking for a judge’s approval to give its top executives bonuses totaling up to $1.8 million as part of its wind-down plans.
The maker of Twinkies, Ding Dongs and Ho Hos says the incentive pay is needed to retain the 19 corporate officers and ‘‘high-level managers’’ during the liquidation process, which could take about a year. Two of those executives would be eligible for additional rewards depending on how efficiently they carry out the liquidation. The bonuses would be in addition to their regular pay.
The bonuses do not include pay for CEO Gregory Rayburn, who was brought on as a restructuring expert earlier this year. Rayburn is being paid $125,000 a month.
In court Thursday, an attorney for Hostess noted that the company is no longer able to pay retiree benefits, which come to about $1.1 million a month. Hostess stopped contributing to its union pension plans more than a year ago.