Nortel Kisses Off Workers, Shareholder Meetings

Nortel Networks Corp. (NT) received permission on Tuesday to extend its bankruptcy protection deadline to May 1.

The telecom equipment maker also said, through its court-appointed monitor Ernst & Young, that it wants to end shareholder meetings and is planning even more layoffs. Nortel called shareholder meetings “a distraction” as it tries to restructure.

Nortel’s bankruptcy protection was slated to end this coming Friday, Feb. 14. If it hadn’t received the extension, creditors could have started suing Nortel for money owed.

The news comes amid revelations that Nortel had been spending $1 million per month on corporate jets and associated costs.

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