Bonuses before bankruptcy: Companies doled out millions to executives before filing for Chapter 11

Photo caption: Five days before seeking Chapter 11 protection, J.C. Penney awarded $7.5 million in bonuses to its top four executives […] (Charles Krupa / AP). Article by Abha Bhattarai and Daniela Santamariña. 

Major brands like Hertz and J.C. Penney issued six- and seven-figure payouts before asking bankruptcy courts to shield them from creditors during restructuring — often before erasing thousands of jobs — court and regulatory documents show

The coronavirus recession tipped dozens of troubled companies into bankruptcy, […]

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