January 16, 2009
Nortel employee severance payments frozen by bankruptcy
Network World
Brad Reese follows the Globe and Mail’s reports regarding Nortel’s money-troubles.
“This week, the Globe and Mail is reporting that Nortel CEO Mike Zafirovksi has confirmed that Nortel’s severance payments still owed to those 1,300 laid-off employees have been frozen by the Nortel bankruptcy filing, and will be applied against Nortel’s debts. The Globe added that legal experts said a Nortel employee severance payment will typically rank behind other debts in a bankruptcy proceeding, which means it is likely Nortel will have insufficient cash to pay most of the owed compensation.”
Seagate cuts go deep
The Register
Chris Mellor writes about Seagate’s cost-cutting measures.
“Going further than its previous 10 per cent US workforce cut targeted by a recent SEC filing, Seagate has made another filing saying six per cent of its worldwide workforce will go and executives and other professionals will take pay cuts. The total savings look to be $210 million annually.”
Would you buy a Dell smartphone?
ZD Net
Andrew Nusca writes that according to Priya Ganapati of Wired.com, Dell may be coming out with a smartphone as early as next month.
“Some analysts posit that Dell could make an announcement at 3GSM or the Mobile World Congress event in Barcelona in mid-February of this year. One analyst from Kaufman Bros. indicated that the launch ‘is closer to reality than before’ and that it’s ‘highly likely’ that the company will enter the phone industry.”
