The Globe and Mail's James Bradshaw writes:
"Amid another year of dramatic restructuring at Postmedia Network Canada Corp., the company’s five most senior executives were awarded nearly $2.3-million in retention bonuses.
"The payouts, which are outlined in company disclosures filed on Wednesday, are tied to a recent debt restructuring that wiped out more than $268-million (U.S.) in debt, thereby reducing the company’s interest payments by about $50-million (Canadian) each year.
"Canada’s largest newspaper chain has endured a trying 2016 fiscal year that saw the company merge competing newsrooms in major cities, cut hundreds of jobs, offer staff buyouts and close a printing plant in London, Ont. The filings show that the five executives were not awarded regular short-term incentives because they missed a consolidated operating-profit target of $125-million, recording just $82.3-million for the fiscal year."
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