Freedom seeks approval for executive bonus

AP News
Posted: Nov 23, 2009 6:31 PM

Freedom Communications, owner of The Orange County Register in California and other media properties, is seeking approval of a $300,000 bonus plan for its chief financial officer.

Freedom says Mark McEachen deserves the bonus because he is serving as both chief financial officer and chief restructuring officer in the company's Chapter 11 bankruptcy.

Freedom's creditors committee and U.S. trustee oppose the bonus plan.

But former Dallas Morning News publisher and Associated Press board chairman Burl Osborne, who is Freedom's interim CEO, said Monday that he and the board support the plan.

It calls for McEachen to receive $250,000 upon confirmation of a reorganization plan, and another $50,000 upon confirmation of plan that includes a distribution to general unsecured creditors.