Memo just sent out from JC. The promotions this year are being skipped. No out of band promotions and no overtime unless specifically agreed.
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Indeed and soon Dell might need to enlisted restructuring experts to help it address its cash crunch that has made its $55 billion debt pile potentially unsustainable.
Dell and its creditors should also be preparing for potential negotiations on reworking the company's finances.
You mean the same Moody’s that agreed to pay nearly $864m to settle with US federal and state authorities over its ratings of risky mortgage securities in the run-up to the 2008 financial crisis?
I wouldn't trust them to clean my toilet!
Just use your common sense: where do think Dell will spend that extra $2.25 billion? Interest payments and executives salaries!
@ichan do you really think folks would lend 2.25 Billion into a black hole?
Moody's gave the debt a Baa3 rating (bottom of investment grade) and says outlook is stable
see:
https://finance.yahoo.com/m/9638f1c9-e3c0-3156-a51d-818708f56551/dell-international-llc-.html
With the recent loan, Dell's total principal debt has risen to $54.85 billion, nearly 70% of which is classified as core debt.
The company is hemorraging cash just to service the interest on such huge loans! Ch. 11 bankruptcy doesn't sound so unrealistic.
Layoff coming in Enterprise Pro-Support teams as well. Heard there has been biggest re-org in the works and going to be announced soon.
Just wondering what the severance package will be so I can be ready.
Chapter 11 seems unlikely. Dell just borrowed 2.25 billion dollars and you can bet that the folks that are loaning out that kind of money have a better idea than you do.
I tell you the truth, Dell will file for Ch. 11 bankruptcy before this recession ends.
You are better off getting WFRd now as you will get a decent severance. The folks who stay on may not.
Just got word that massive layoffs are in the works for Dell/EMC here in Austin. The Seattle office is also on the block.
Our management team has us putting together severance packages and we are discussing streamlining services.
Hiring freeze is in place and we are cutting promotions, pay band increases as well as merit and performance based promotions.
They will start with the home automation and EMC Infrastructure group followed by other large departments.
It's a very scary time. I'm just waiting for my own layoff as I get everyones severance packages ready.
My director hinted that everyone in the former Isilon office in Seattle was going to be laid off by the end of April
I don't deserve a pay raise or promotion.
just waiting for the hammer to drop. You know massive layoffs are around the corner.