TXCO Resources (TXCO) to Terminate 25 Full-Time Employees, or 30% of Workforce
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In a Form 8-K, TXCO Resources Inc. (Nasdaq: TXCO) implemented a second reduction in force in order to reduce costs. TXCO terminated 25 full-time employees representing approximately 30% of its workforce before these terminations. Included in the terminated employees was Roberto Thomae, VP of Capital Markets. The Company also terminated the services of 9 consultants who worked almost exclusively for TXCO. The Company will incur one-time termination costs estimated at $326,000 related to this reduction in force, which does not represent a material charge under SFAS No. 146. Monthly general and administrative expenses will be reduced approximately $251,000.
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John Getty on May 14, 2009 08:58 PMI have tertiary syphilis.