Bankrupt Farmland Industries wants to take the air out of some golden parachutes given about 140 current and former top-level employees, and wants to cancel life insurance policies on about 2,200 reirees from various parts of the company. Farmland, which is based in Kansas City, says it owes $17 Million in deferred compensation and retirement adjustments to the ex-leaders of the company. It also says it wants to cancel about $2 Million in so-called “separation payments” given to four top executives who have left. And it says it could save three-quarters of a million dollars a year if it cancels the life insurance on the retirees. A bankruptcy judge will consider the requests later this month.
Reader Interactions
Leave a Reply