James River Coal Co. is seeking bankruptcy-court approval for a bonus plan that could spread up to $2.7 million in extra pay among top executives of the operation, which is being auctioned in July, the Wall Street Journal reported today. Details of how the proposed bonuses would be divided among Chairman and Chief Executive Peter Socha and eight other top-ranking insiders are being kept secret by the coal company, which filed for chapter 11 protection on April 7 loaded down with more than $800 million in debt. James River says the extra pay is keyed to getting a good result at a July auction, where the troubled coal operation is inviting buyout offers and offers from investors willing to help get the company back on its feet. Should the auction not go well, the top executive bonus pool could be as little as about $892,000, court papers say.
