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Keyword: severance

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  • WorldCom to Pay $36 Million in Severance to Laid-off Workers

    10/01/2002 11:22:52 AM PDT · by Tumbleweed_Connection · 1 replies · 169+ views
    TBO ^ | 10/1/02 | Jim Krane
    In a move aimed at shoring up the morale of its remaining workers, bankrupt telecom WorldCom Inc. won court permission Tuesday to hand $36 million in severance payments to laid-off employees. The ruling, in U.S. Bankruptcy Court in Manhattan, also allows WorldCom to retract $1.4 million in severance payments promised to 19 laid-off company executives before the company filed for bankruptcy in July as a multibillion dollar accounting scandal unwound. In lieu of the lucrative settlements, the 19 will receive the same package as the rank-and-file workers: up to 26 weeks of salary and benefits. The decision allows each of...