Ottawa Citizen: Corel lands $30 million in financing, loses 2 execs

"Cash-strapped Corel Corp. has secured as much as $30 million in financing to keep operations going and pay for anticipated staff layoffs."

"But chief executive Michael Cowpland said yesterday it will could be another two weeks before Corel can reveal specific plans to cut operating costs by $40 million."

"However, two senior executives announced their resignations yesterday and other Corel employees are leaving the troubled company voluntarily for jobs in other technology companies."

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Related Stories:

• Linux Journal: Corel's Cruel Karma - When really bad things keep happening to a really good company(May 26, 2000)
• BW: Corel Announces Resignations Of Senior Managers(May 26, 2000)
• CNET News.com/Reuters: Corel secures badly needed cash infusion(May 26, 2000)
• Reuters: Corel strikes finance deal worth up to C$30 million(May 26, 2000)
• Ottawa Citizen: Linux crowd not fazed by Corel's woes(May 21, 2000)
• Ottawa Citizen: Cowpland ponders cost-cutting strategies(May 20, 2000)
• PC World: Who Buys Corel?(May 19, 2000)
• Ottawa Citizen: Corel denies reports it's poised to go broke(May 19, 2000)