Courts in Ontario and Delaware gave Nortel Networks permission on Friday to pay retention bonus money to eight senior executives while the company restructures under creditor protection.

A drop in revenue and big charges sent Nortel Networks to a loss of $2.13 billion US in the fourth quarter, the company said Monday.

Nortel Networks said Wednesday it is cutting an additional 3,200 jobs around the world.

Insolvent telecom equipment company Nortel Networks says it has received a bankruptcy protection extension to May 1 from the Ontario Superior Court of Justice.

Nortel Networks filed for bankruptcy protection on Wednesday in Delaware, a day before the telecommunications company was due to make a $107-million interest payment on its debt.