The Wall Street Journal-20080206-Dura Automotive Systems- Officials Forgo Bonuses Opposed by Creditors

Return to: The_Wall_Street_Journal-20080206

Dura Automotive Systems: Officials Forgo Bonuses Opposed by Creditors

Full Text (85  words)

Four senior executives at Dura Automotive Systems Inc. will forgo bonus payments amid opposition from creditors involved in the auto- parts maker's Chapter 11 bankruptcy reorganization. Dura will no longer seek bonuses for Chief Executive Lawrence Denton, and three other top executives, Dura said in papers filed with the U.S. Bankruptcy Court in Wilmington, Del. Dura said the executives agreed to forgo payments under the six-month bonus plan to focus attention on the "urgent need" to get incentive bonuses for the other 110 employees approved.