The Polaroid Corporation, which declared bankruptcy and filed for Chapter 11 protection earlier this fall, is seeking permission to pay bonuses of up to twice their base pay to top managers. This petition to a U.S. Bankruptcy court comes at a time when the company has already laid off over a third of its workforce and is preparing to sell off most of its assets. The company has defended the guaranteed bonuses as a common practice, necessary to keep executives from jumping ship in the middle of a crisis.
See Tribune news services, Chicago Tribune, December 6, 2001