We are told that, even though The Trustee did in fact object to all bonuses Cumulus plans to pay out, the court has already approved the bonuses for the majority of the employees, and those will be paid out as scheduled. The remaining bonuses, which involve high-level executives will be addressed by the court on March 12.
Here’s the official statement from Cumulus, which immediately followed the reports on Wednesday that The Trustee had objected to the bonuses.
“The objection filed last night has absolutely no impact on the authorizations the Court gave the company on February 8th to pay incentive compensation for employees who earned it in 2017, or will earn it in 2018. We will be making our incentive compensation payments to those employees, beginning with this week’s normal payroll cycle. The objection filed is common in these situations and applies only to a small number of senior executives whose compensation will be addressed at an upcoming hearing on March 12th.”