Nortel files for bankruptcy protection

[DimPrawn]

http://news.bbc.co.uk/1/hi/business/...ey/7828915.stm

Nortel Networks, North America's biggest maker of telephone equipment, has filed for bankruptcy protection.

The move by the firm, based in the Canadian city of Toronto, came as the global economic downturn continued to eat into its already fragile business.

The filing was made a day before the firm was due to make a $107m interest payment on outstanding loans.

Under US Chapter 11 bankruptcy protection law, a firm can keep trading while it aims to sort out its finances.

Nortel shares fell by 76% in pre-market trading, with analysts saying the move showed that management believed the situation would deteriorate.


Shame we can't lose BT.

[lilelvis2000]

The company had been in trouble for years. We all wondered when it would die.

I had a contract there for 10 months (max allowed). They had money flowing out each orifice back then.

haven't checked on JDS/Uniface - imagine they have either died already or are about to.

[portseven]

I was just in a meeting with a ClientCo supplier who was telling us about the big partnership they have with Nortel.

Not any longer!

[ace00]

Nortel
With your out of date telecom equipment
No longer available in Woolworths.

[threaded]

Ha ha that's the 2012 Olympics fscked...

[Churchill]

Sir Terry will be laughing all the way to the fire sale...

[the_duderama]

Nortel
With your out of date telecom equipment
No longer available in Woolworths.

You don't know what you're talking about. Nortel's kit is as up to date as Cisco, Avaya etc, and they were at the cutting edge in all the VOIP tulip. Just they lost their lions share of the telecoms market and seem unable to control costs.

Interesting to see what the teclo's do with all their nortel kit if the company is wound up, replace it or risk it and keep the monies?

[Churchill]

You don't know what you're talking about. Nortel's kit is as up to date as Cisco, Avaya etc, and they were at the cutting edge in all the VOIP tulip. Just they lost their lions share of the telecoms market and seem unable to control costs.

Interesting to see what the teclo's do with all their nortel kit if the company is wound up, replace it or risk it and keep the monies?

I refer you to my previous post.

My mate Sir Terry is going to clean up!