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December 9, 2013
07:07 EDTNIHDNII Holdings to implement restructuring plan that will reduce 25% of HQ staff
The company announced that it will implement a restructuring and organizational realignment plan that ncludes reductions of over 25% of the company's headquarters' staff and the elimination of over 1,400 positions in its market operations. The company expects to incur cash costs related to employee severance in the range of $25M-$35M in connection with the plan, which include $8.6M in charges related to restructuring activities at the company's Mexico operating subsidiary that were accounted for in the company's third quarter 2013 results. Most of the remaining costs are expected to be accounted for in the company's results for the fourth quarter. The company expects to realize annualized cost savings of $50M-$55M as a result of these actions. the company expects a higher level of prepaid subscriber deactivations in Mexico than previously estimated. Taking this adjustment into account, the company expects a net subscriber loss of approximately 400,000 subscribers in Mexico for the fourth quarter. This policy change is not expected to have an impact on net subscriber additions in Brazil or other markets.
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