Eight Nortel Execs to Divvy $7M in Bonuses

Eight Nortel Networks Corp.(NT) executives will divvy up $7 million in bonuses.

Bankruptcy courts in the United States and Canada late Friday gave their approval for the bankrupt telecom maker to hand out the money to unnamed top workers. President and CEO Mike Zafirovski apparently is not one of them but according to reports, Nortel won’t divulge whether he might get more money under a separate deal.

Meanwhile, up to 1,000 employees could share $45 million in bonuses thanks to another thumbs-up from the courts.

The kicker to all of this is that Nortel continues to deny severance to hundreds of laid-off workers; it’s instead trying to force them to take early pension.

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