Nortel Networks in trouble
p2pnet news view | Off Topic:- Canada’s Nortel Networks, North America’s biggest maker of telephone equipment, is in serious trouble, filing for bankruptcy protection.
“The company said it will make a similar filing shortly in Ontario Superior Court,” says the CBC, going on:
“The move came a day before the Canadian telecommunications company was due to make a $107-million interest payment on its debt.
“The board of directors of North America’s largest telecom equipment maker met in Toronto on Tuesday night to discuss the company’s financial options. In a release, the company said the decision to file for protection was a unanimous move by its board.”
Nortel has lost almost $7 billion since CEO Mike Zafirovski took over in 2005, “leaving him struggling for the funds to operate the company,” says Bloomberg News, adding:
‘”Bank of New York Mellon was listed as Nortel’s largest unsecured creditor in its role as trustee on more than $3.8 billion in notes. Export Development Canada is owed $186.7 million.”
If they’re going to go, “it’s better to go now,” the story has global technology specialist Richard Windsor saying.
“It would imply the company is unable to stabilize the cash flow situation.”
In 2004, Nortel was named with Cisco Systems, Microsoft and Sun Microsystems, among others, in an Amnesty International report as companies, “which have reportedly provided technology which has been used to censor and control the use of the Internet in China”.
CBC – Nortel Networks files for bankruptcy protection, January 14, 2009
Bloomberg News – Nortel Files for Bankruptcy Amid Declining Sales, January 14, 2009
censor and control - US firms named in Amnesty report, January 28, 2004
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January 14th, 2009 at 3:21 pm
another Canadian company pilfered by bankers for their own ends
it wasn’t enough to force Nortel to censor China, now they want to destroy it as well
pretty soon all businesses and corporations are going to be owned or closed by bankers
and there’s no New World Order and slavery coming … ya right
January 14th, 2009 at 4:46 pm
Eh, as someone who worked along side Nortel I can tell you this:
The writing was on the wall in 1999.
The writing was on the wall when they were screwing their own suppliers in early 2000
The writing was on the wall for a long time on how this company was run and cooked stuff up.