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IN BRIEF / BANKRUPTCY

Polaroid Executive Plan Will Not Be Discussed

January 12, 2002|Associated Press

Polaroid Corp. has withdrawn a controversial executive compensation plan from the agenda of a bankruptcy court hearing Tuesday and said it's reworking the plan after criticism from retirees and workers.

Polaroid had indicated it would revise the plan after a bankruptcy judge postponed consideration of all but $1.55 million in payments during a December hearing. The original package could have provided more than $5 million to top executives.

Polaroid retirees and laid-off workers complained that the company was taking care of executives even as it cut health benefits and warned the pension fund may be underfunded.

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