Business & Finance
Another 3,300 jobs will be cut by Isuzu Motors as part of a new $724 million restructuring plan, the company said. The Japanese automaker also announced that it expects to post its third consecutive annual loss. Isuzu, which is 49 percent owned by General Motors, said the layoffs would be completed in as many cases as possible through an early-retirement program by the spring of 2004. Earlier, the company announced it would lay off 9,700 workers, close a truck plant, and sell its Tokyo headquarters building to raise cash.
An emergency infusion of $28 million by creditors has ensured that Kvaerner, the troubled Norwegian-British conglomerate, will remain afloat until at least Thursday, the company said. At that time, the oil/gas, shipbuilding, construction, and engineering-services giant expects to present a refinancing plan for a vote by shareholders. If the plan is rejected, Lysaker, Norway-based Kvaerner may have to file for bankruptcy. In Oslo, the public television network NRK said the company has rejected a rescue offer by rival and minority shareholder Aker Maritime of Houston that would have involved a merger of their operations. Another rescue plan has been put forward by the Russian oil company Yukos, which owns 22 percent of the company. Kvaerner has operations in 35 countries and employs more than 34,000 people.