CBC plans to sell assets and has frozen the salaries of its executives as part of its plan to get through its financial troubles, but has drawn the line at allowing advertisements on the radio or more American content on English television.

Executive salaries at the troubled pubcaster will stay at 2008 levels through 2009/10, according to a memo from president and CEO Hubert Lacroix, sent to staff on Wednesday. Bonuses for executives will for the same fiscal year be cut by 50%.

‘You should know that management cares, and cares enough about CBC/Radio-Canada that it needed to send a clear signal that we will do our part,’ said Lacroix.

Lacroix did not elaborate on the broader efforts to prop up CBC and its French sister, except to say that management’s plan to get through the coming year will, pending government approval, include the ‘sale of enough assets to finance our way through this without deeper cuts.’

Speculation has been rampant that the network — which is facing a $125-million shortfall in ’09/10 — may be forced to close stations, sell properties or layoff staff.

Lacroix said the full scope of the plan — which was approved by the board of directors this week after two days of meetings — will be revealed on Wednesday, following further meetings with high-level execs and union officials.

Lacroix did not mention layoffs, though the network is apparently planning to shed some staff through a ‘voluntary retirement incentive program’ — also to be explained in full next week, he said.

However, he did appear to rule out any commercialization of its radio outlets — a frequent suggestion among CBC’s critics and a raw nerve among its listeners.

‘We are going to safeguard the non-commercial nature of our radio services.’ he said, adding that the network is not planning to place any more U.S. programming on English television. CBC has been under fire from Ottawa and other corners for running the American game shows Jeopardy! and Wheel of Fortune in early primetime slots.