Ono to lay-off staff as economy deteriorates

The management of Spanish cable provider Ono has presented a plan to
position the company to weather deteriorating economic conditions to
trade union representatives that could involve making up to 1,300 staff
Ono currently employs about 4,300 people.

Ono’s plans also call for a reduction in its prices to meet the challenge of falling demand for services, as well as measures intended to improve its services. The company has already agreed with its bank creditors a change in the terms of financing the facility of EUR3.6bn obtained in June 2007.