Nortel, one of the largest telecommunication company in North America reported a $957 million loss for 2007. Cutting 2100 jobs and move 1000 others mostly to China and Turkey.
“The loss, which compares with an $80 million loss in the previous year, largely stemmed from a $1.043 billion write-down in the value of the company’s future tax write-offs. During a conference call for investors, Pavi Binning, the chief financial officer, said those write-offs were revalued largely because of reduced Canadian corporate tax rates and the increase in the value of Canadian dollar relative to the United States dollar. “
Certainly pity those guys and families who will be outta job soon. Some must have been with Nortel for a long, long time. What kinda of severance package does Nortel has for its employees…?