DEAL MADE ON CALDOR EXEC BONUS PLAN
NEW YORK — Caldor Inc. and its equity committee said Monday they reached a tentative agreement on the discounter’s executive bonus plan.
Attorneys for both sides, citing the need to gain the approval of Caldor’s creditors’ committee, refused to discuss the settlement following a short bankruptcy court hearing Monday. Caldor’s unsecured creditors’ committee is expected to review the agreement before submitting it for bankruptcy court OK on Wednesday.
In Chapter 11 since last September, Caldor and its stockholder’s committee were battling over the firm’s proposal to pay 536 executives $19.5 million in bonuses if the company reached certain earnings goals.