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AMD considering more layoffs?

Posted on Thursday, November 14 2013 @ 12:11:35 CET by


AMD logo
VR Zone writes AMD may resort to another round of layoffs to climb out of its financially perilous situation. In recent years the company transformed itself by selling its assets en masse but the fabless firm is still in a bad position. Earlier this week the company revealed it set up a $500 million credit line to get "greater financial flexibility". So far the company hasn't yet borrowed anything under this agreement.
While the company has $1.2 billion in cash on hand, a multi-quarter downtick could erase those cash reserves entirely. In order to ensure AMD retains some “financial flexibility” the company has taken out a $500 million line of credit from a herd of lenders with Bank of America acting as the shepherd.

If the company sees itself running on credit in the near future it will no doubt need to reduce its headcount. Recently VR-Zone learned there is an “all hands” meeting scheduled for early December in Austin, with most staff from AMD’s worldwide offices flying in. Mass layoffs on the scale of November 2011 aren’t likely to happen, but CEO Rory Read will need to do something to make his company leaner if AMD falls back into the red.




 



 

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