Life isn’t fair, people, and here is more evidence: Even as Nortel Networks Corp.(NT) hasn’t paid hundreds of laid-off employees the severance they’re owed, the company will be distributing millions in bonuses to workers.
Approximately 1,000 executive and non-executive workers may share $45 million in bonuses, the Ontario Superior Court ruled on Friday.
Nortel president and CEO Mike Zafirovski, however, is not one of those employees. But that’s surely scant comfort to the hundreds of workers in the U.S. who are being forced to choose between severance and pension payments.
Nortel becomes the second bankrupt company in the telecom industry this week to add insult to injury by announcing bonus payments, mostly to executives – Hawaiian Telcom was the other. Both moves come as bailed-out AIG faces national outrage for distributing $469 million in bonuses to its top employees.