Tribune To Again Pay Severance To Former Employees.. sort of

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: Bankruptcy Court OKs New Tribune Co. Severance Policy : By E&P Staff : Published: February 03, 2009 4:32 PM ET : --------------------------------------------- : CHICAGO Tribune Co., which had said it intended to stop paying deferred compensation and other payments to former employees, said it won verbal approval Tuesday from U.S. Bankruptcy Court in Delaware for a new severance policy that would apply to employees affected by future layoffs. : Under the new policy for non-union employees, those laid off would receive two weeks base pay for their first year of service plus a maximum of one week of base pay for each additional year of service. : The severance could be paid out over time or as a lump sum, and would require a waiver of claims against Tribune, The Associated Press reported in a story by Randall Chase. : A Tribune attorney said the policy is not a contractual obligation, but a guideline to be used for future layoffs. AP reported Tribune attorney Kevin Lantry told the court the company plans an unspecified number of layoffs in 2009. : Former employees listed among the largest creditors include former CEO Times Mirror Mark Willes, who is listed as having an $11.2 million claim, and former Los Angeles Times Publisher Robert Erburu, with a $4.3 million claim.

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