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NATION / WORLD: TELECOMMUNICATIONS

Bell Atlantic to Take Buyout-Related Charge

October 14, 1998| Bloomberg News

Bell Atlantic Corp. said it expects to take a third-quarter charge of $1.1 billion, or 70 cents a share, for an early-retirement plan and to write down the value of some investments. The New York-based Baby Bell said 5,200, or 38%, of 13,800 eligible unionized workers accepted the retirement offer it made in September and will leave over the next 14 months. Fewer than half of the workers will be replaced. The charge is expected to result in a loss for the quarter. Bell Atlantic shares rose 88 cents to close at $49.25 on the NYSE. The company disclosed the charge after U.S. markets had closed.

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