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The company, based in Stamford, Conn., plans the job cuts, which represent about 3percentt of its nonsales staff, as part of a reorganization it will announce later this quarter, Mr. Critelli said.
If Finova were to default on its $7.2 billion in bonds as part of a bankruptcy reorganization, it would be the largest corporate default since the Great Depression, according to Moody's.
The government already has all the reorganization it can handle, she said.
She was told, she said, that because of the upcoming reorganization, it would be done in the fall.
One regional carrier, Midway Airlines, went out of business yesterday, saying that a drop in reservations and an increase in refund requests after the attacks had made it too hard to recover from a bankruptcy reorganization it began last month.
Created in 1999 as part of Poland's provincial reorganization, it comprises the former (1975 98) provinces of Szczecin and Koszalin, as well as portions of the former provinces of Gorzów, Piła, and Słupsk.
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And, like countless other corporate reorganizations, it can be implemented with only modest cost to Microsoft, a cost that is not disproportionate to the unlawful conduct found in this case.
Opponents of the reorganization say it is illegal because it effectively eliminates the local school districts.
Microsoft has to wait until the end of the year for it to complete this reorganization before it can "go".
In a landmark case in 1993, a federal appeals court said Goldman , Sachscould not advise Eagle-Picher, a maker of automobile components and industrial products in Cincinnati, on its bankruptcy reorganization because it was not a "disinterested person".
RIM, which at one point had been going through such a rapid expansion that it was having difficulty finding space for employees, said that it planned to cut jobs as part of a reorganization but it offered no specifics.
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