Colt Holding Co. is asking a bankruptcy judge to approve golden parachutes that could be as high as a full year's salary for nine top executives, the Hartford (Conn.) Courant reported on Saturday. The bonuses would be paid if an executive were fired, resigned because of lower pay under future owners, or moved to a different location — but only if the company reaches a certain profit level between now and January. Colt's request, totaling millions of dollars, comes as the company is trying to wipe out $350 million in debt that it owes to creditors, chiefly bondholders. The company is also trying to break a provision in the union contract that guarantees the rank-and-file production workers — about 500 members of the United Auto Workers union — can keep their current compensation through the end of their contract in March 2019.
