New Anchor CEO gets a raise

Date: 23 August 2005
Source: Msnbc.msn.com

Date: 23 August 2005

Anchor Glass Container Corp. plans to pay its newly named CEO, Mark Burgess, a $600,000 salary plus bonuses to steer the company through bankruptcy.

Burgess' proposed salary -- more than 50 percent larger than that paid to Richard Deneau, the former CEO who led Anchor through an initial public offering in 2003 -- is included in motions filed in U.S. Bankruptcy Court in Tampa by Anchor, which wants to reorganize its finances under Chapter 11 bankruptcy protection.

Anchor also disclosed that it owes $56.6 million to the Pension Benefit Guaranty Corp., the federal agency that assumed responsibility for the pension plan for about 14,000 Anchor workers, after an earlier Anchor bankruptcy in 2002. Gary Pastorius, a spokesman for PBGC, said in similar bankruptcies the agency generally ended up with pennies on the dollar.

PBGC is expected to have a seat on the creditors' committee that will provide input to Judge Alexander Paskey on the case.

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