Nortel axes 3,200 more jobs

Nortel Networks continued its reorganization process Wednesday, saying it will eliminate an additional 3,200 jobs this year as the telecom-equipment company tries to emerge from bankruptcy. Nortel's work force, once these latest cuts are complete, will be slimmed from 93,000 in the 1990s to 25,000. CEO Mike Zafirovski said Wednesday that the company expected to have a bankruptcy plan ready by March.

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