Northwest has escaped from bankruptcy, and to celebrate, they are showering their executives with cash. The AP wryly notes that though the airline is shedding court protection from its creditors, it returns “into an industry besieged by higher fuel costs and crowded with competitors.”
That didn’t stop Northwest from throwing open the vault. Under the reorganization plan, the top 400 managers will receive an equity stake in the company worth $297 million; CEO Doug “I Deserve It” Steenland will receive $26.6 million in stock and options; and, departing Chairman Gary Wilson will receive $2 million, dental and medical insurance for life, and $75,000 per year for an office.
The airline emerged from bankruptcy by cutting $1.4 billion in labor costs. Welcome back, Northwest! — CAREY GREENBERG-BERGER