April 10 Telecom network equipment maker
DragonWave Inc said it cut 33 percent of its
senior management jobs and amended its deal with Nokia Siemens
Networks to reduce operating costs.
Cash-strapped DragonWave, which has been trying to cut costs
since it acquired Nokia Siemens's microwave technology business
last June, said last month that it would cut costs further but
did not specify what the measures were.
According to the renewed deal, Nokia Siemens will make an
immediate cash payment of 10.6 million euros ($13.8 million) to
DragonWave, clearing the contingent receivable on the
Ottawa-based company's balance sheet.
DragonWave said the companies have ended the Italian
services agreement, under which Nokia Siemens provided research
and development and certain other services to DragonWave since
DragonWave expects operating costs to fall by about 3
million euros per quarter.