USA: Wachner Slashes Warnaco Severance Claim
The former CEO of bankrupt apparel manufacturer Warnaco Group Inc, Linda Wachner, has agreed to substantially reduce her severance demands from an original $25.1 million, it emerged on Monday. According to a filing with the SEC, Ms Wacher will receive a $3.5m unsecured claim for shares of a reorganised Warnaco as well as $200,000 in cash. Reports say she will donate all of the cash to cancer research.
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