"A government watchdog agency has filed an objection to Alpha Natural Resources' proposal to pay executive bonuses of up to $11.9 million in 2016, arguing the bankrupt coal company cannot justify the additional pay at a time when it has recorded steep losses and sought to cut retiree benefits.
The objection of the U.S. Trustee, a division of the Justice Department, comes at a crucial time in the Virginia mining company's restructuring case. A hearing on Alpha's proposals to pay executive bonuses and cut medical and life insurance benefits for 4,580 nonunion miners and their spouses is scheduled for Thursday.
Alpha has argued the bonuses are necessary to retain key executives during its Chapter 11 proceedings. But in court filings submitted Friday, the trustee's office challenged that argument. The government noted Alpha's request to pay bonuses coincided with a $1.3 billion loss in 2015 and a plan to save $3 million annually by cutting retiree benefits."
Benjamin Storrow reports for the Casper Star-Tribune January 19, 2016.
"US Files Objection To Alpha Natural Resources' Executive Bonuses"
Source: Casper Star-Tribune, 01/19/2016
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