February 9, 2009

Nortel plans more job cuts, seeks to avoid AGM

According to Reuters, CNBC: “Nortel Networks Corp is working on a “detailed plan” to cut its global workforce as it restructures under bankruptcy protection, and it will seek to avoid holding an annual shareholder meeting because it says it would be distracting and expensive.”

“Ernst & Young Inc, the monitor overseeing Nortel’s bankruptcy protection, said in a court report posted on its website. The monitor’s report confirms that despite slashing its workforce to 30,000 today from about 90,000 in 2000, Nortel — North America’s biggest maker of telephone equipment — still isn’t finished with job cuts as it fights to survive.”

“The Toronto-based telecom equipment maker filed for bankruptcy protection in Canada and the United States last month, blaming the economic crisis for derailing a turnaround effort that began in 2005.”

~News submitted by upthecreek

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