Nortel Networks To Cut 3,200 More Jobs
HARTFORD, CN — Nortel Networks plans to cut its work force by 3,200 jobs worldwide.
The Canada-based telecom equipment maker said the new round of job cuts will be made over the next several months. The reduction is on top of 1,800 job cuts already announced.
Earlier this month, Nortel received a bankruptcy protection extension until May 1 from the Ontario Superior Court of Justice. It filed for creditor protection Jan. 14 in Canada and the United States and got an initial 30-day protection period.
The company also said its board has approved management’s recommendation to eliminate bonuses for 2008. Nortel Networks Corp. says it’s seeking Canadian court approval to end its equity-based compensation plans.