Qwest Asks Workers to Take Unpaid Leave
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Reuters
Qwest Communications International Inc. said it had asked employees to take unpaid leave as the company tries to cut costs and pare its $26-billion debt load.
Qwest, which has about 57,000 workers, said the voluntary program would run from July 1 through the end of September.
Merrill Lynch cut its intermediate-term and long-term investment ratings on Qwest to “reduce/sell” from “neutral.”
Shares of Qwest fell 4 cents to $2.80 on the New York Stock Exchange.
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