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U.K. Layoffs Unpdate
Here’s some official information from the Joint Administrators about the layoffs in the U.K.
Communication from the Joint Administrators
Creditor meetings and UK workforce reduction
Last month, we said that we would be hosting a series of creditor meetings across the EMEA region. Today, we can report that each of these 19 creditor meetings (covering all entities under Administration) have taken place and the proposals put to the creditors were approved and, where applicable, creditors committees have been elected.
The next step in the Administration process is tied to Nortel’s global restructuring efforts. As a consequence of the workforce reduction announcement made on 25th February, we can confirm that today 228 employees have been impacted in the UK.
While it is difficult to see Nortel employees depart, these reductions are necessary as we move forward with creating a simplified structure that brings everyone at Nortel closer to the customer and allows the Company to compete more effectively.
We continue to work closely with the local entities under Administration to determine the best course of action for the Company. And, we assure you that we are making good progress in evaluating the financial standing of these entities and will be able to make recommendations on their restructuring in the near future.
Once we have more details to share with you, we will do so in as timely a manner as possible. In order to address your immediate questions, we have included a short set of FAQs at the bottom of this webalert.
The Joint Administrators
FAQ
Q: Are there likely to be further redundancies made in the UK?
A: We maintain a constant review of our costs and will continue to evaluate the possibility of additional reductions to better align our cost base.
Q: When will action be taken in other countries and will the process used in the UK be replicated?
A: The Joint Administrators are working closely with the local business and functional leaders along with the Chief Restructuring office and are making good progress in solidifying country specific assessments and processes. At this stage we cannot give you any timescales or details of the process that will be used.
Q: Why are we taking these actions before the global business and financial restructuring plans have been announced?
A: The actions taken in the UK are part of the global workforce reduction announcement of 3,200 redundancies in 2009, on top of those 1800 reductions previously communicated in 2008. These actions are part of a global effort to realign our cost base while the Company continues to work through its global restructuring plans.
Q: Can you confirm whether retention plans have been put in place in EMEA?
A: The Joint Administrators have agreed a suitable plan for EMEA which is pertinent and in common practice with European companies in these circumstances. In addition, the Joint Administrators are supportive of Nortel’s 2009 Annual Incentive Plan (AIP) which applies to all employees – except those on the 2009 Sales Incentive Plan (SIP).