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6/12/02
H-P may eliminate about 10% of the jobs at its Asia-Pacific
operations, matching the company's targeted percentage of job cuts
world-wide, a company spokesperson said.
6/11/02
Corning said its Corning Cable Systems unit plans to eliminate
more than 600 jobs, mainly through a restructuring of its optical-assembly
plant in Hickory, N.C.
6/11/02
Celera Genomics Group, slashing one in seven jobs, is undertaking
a restructuring that will emphasize drug discovery over its better
known business of selling genetic information online.
6/11/02
NewPower Holdings Inc., which was launched by Enron Corp. in
an ill-fated bid to revolutionize the retail energy business, has
filed for Chapter 11 bankruptcy protection. The company, based in
Purchase, N.Y., said it faced a liquidity crunch and "the substantial
risk of not being able to continue to operate as an independent entity."
6/7/02
Telus Corp. is expected to implement a massive restructuring
that could see its workforce reduced by more than 10% in the wake
of the Canadian Radio-television and Telecommunications Commission's
controversial price-cap decision last week.
6/5/02
WorldCom Inc.
said it plans to get out of the
wireless business, and people familiar with the phone company said
it also plans to cut the work force by as much as 20%, or about 16,000
jobs, and trim another $1 billion in capital spending.
6/5/02
Alcatel
plans to cut the work force at its optical-network components unit,
Alcatel Optronics, by 25% by year end as it adapts to the continuing
deterioration in market conditions.
6/5/02
The Swedish
unit of Dutch telecoms operator KPNQwest has followed its parent
company into bankruptcy but its operations would continue and had
already been bid for. KPNQwest's Finnish business told Reuters last
week it would try to go independent. The Portuguese unit said on Monday
it would not be affected by the bankruptcy and services would continue,
but the Belgian unit has filed for bankruptcy.
6/4/02
Hewlett-Packard
CEO Carly Fiorina said that the company will deliver 15,000 job cuts
in two installments: two-thirds by Nov. 1 and the remaining one-third
in fiscal 2003.
6/4/02
Corning Inc.
began implementing a major portion of the restructuring plans it announced
in April with a series of work force reductions in its telecommunications
segment and in several research and development facilities. In a press
release Tuesday, the fiber-optic maker said it expects to eliminate
about 1,500 jobs and offer early retirement packages to about 600
employees by the end of the week.
6/4/02
IBM Corp. said
it will lay off 1,500 of the 20,000 employees in its semiconductor
business. The layoffs, which were fewer than had been rumored, had
been widely expected as the business has been losing money in the
world-wide semiconductor slowdown. An IBM spokesman said about 950
of the layoffs will be at its Burlington, Vt., semiconductor plant
with 200 in Fishkill, N.Y., and 100 in Endicott, N.Y. The remainder
are at other facilities in the U.S.
6/4/02
Velocita
filed for Chapter 11 bankruptcy-court protection, the latest in a
long string of filings to hit the [telecom] industry. Velocita
got its start as a construction company, laying fiber-optic cable
for other telecom companies. The company has scaled back its work
force to 54 employees from 275.
6/3/02
StarBand Communications Inc. filed for Chapter 11 bankruptcy
protection yesterday after running out of cash because it has not
been able to bill its customers for service, the satellite-Internet
company said in its filing. StarBand, which is privately owned and
based in McLean, VA, listed $229 million in liabilities. It is jointly
owned by Gilat Satellite Networks Ltd., EchoStar Communications Corp.
and Microsoft Corp. StarBand said it was forced to file for reorganization
because EchoStar is withholding StarBand's customer records, even
though the marketing agreement between the two companies ended in
February. Since then, StarBand has been unable to collect revenue
from about 31,000 of its 41,000 customers, according to the filing.
6/3/02
Napster
Inc., the Internet music-swapping service that has been entangled
in copyright lawsuits with five record companies since 1999, filed
for protection from creditors under Chapter 11 of the Bankruptcy Code.
The move was expected. Napster has agreed to sell its assets to Germany's
Bertelsmann AG for $8 million in cash and the assumption of certain
liabilities.
6/3/02
Metrocall,
Inc. announced today that the Company and most of its subsidiaries
filed voluntary petitions for reorganization under chapter 11 of the
U.S. Bankruptcy Code today in the U.S. Bankruptcy Court in Delaware.
Metrocall continues to operate its nationwide business operations
and expects to continue to provide all paging and wireless messaging
services without interruption or disruption during its reorganization
process.
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