Gazette State Bureau
HELENA - NorthWestern Corp. officials have pulled the plug on a plan to pay the bankrupt company's top four executives $6.55 million in bonuses if the company is sold off, state and company officials said Tuesday.
The pay plan, which drew sharp criticism across Montana, was to have been discussed today at a hearing on the company's ongoing bankruptcy case in Delaware, said Bob Rowe, chairman of the Montana Public Service Commission."
"Additionally, NorthWestern's creditors have overwhelmingly approved a plan to move the company out of bankruptcy. The plan, Schrum said, would allow entities to whom NorthWestern owes some $2.2 billion to exchange their debts for stock in the newly reorganized NorthWestern Corp. Under the plan, creditors would still end up losing money."
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