PhoneCardSmile.Com Logo
E-mail: Password:
Welcome to PhoneCardSmile.com
Nortel Telecom News,
Nortel Networks Bankruptcy Filing Imperative, Says CEO

Date: 1/16/2009 8:31:04 PM

Canadian telecom equipment giant, Nortel Networks, has obtained bankruptcy protection from an Ontario Superior Court judge, in a bid to avoid ongoing debt repayments which continue to erode its cash reserves.

Nortel vows to keep itself alive, however, by selling off key assets to pay off debt, and reducing its 30,000-member global workforce. It also plans to continue promoting itself by sponsoring the 2010 Winter Olympics in Vancouver and 2012 Summer Olympics in London.

But BBN analyst, Michael Kane, predicted yesterday that Nortel would not survive in its current form.

“Although there is a great deal of equity in the company the possibility of it staying together as the Nortel Networks we knew is fairly slim,” Kand said, noting that “we’re likely going to see it sold off in bits and pieces.”

Nortel CEO, Mike Zafirovski, meanwhile, said that the bankruptcy filing was imperative for the company’s survival.

“There are very significant changes happening in a very large industry, we refer to this as the world of hyper-connectivity,” Zafirovski said. “These actions are imperative so that Nortel can build on its core strengths and become the highly focused and financially sound leader in the communications industry that its people, technology and customer relationships show it ought to be.”

The company expects its day-to-day operations to continue without interruption during the current restructuring process.

PCS Tags: Prepaid Calling Cards, International Calling Cards, Long Distance Calling Cards, Free calling cards


PCS Popular Country: Phone Cards for India, Phone Card to China, Nigeria Phone Card, Thailand Calling Card

PhoneCardsmile.com  Phone Card News Stats

Source: http://www.teleclick.ca/2009/01/nortel-networks-bankruptcy-filing-imperative-says-ceo/


<-- Back

International Phone Card Search

Calling From United States to:
Search
Phone Card Name (Optional):
Search
Provide Local Access in
Search

Navigation Links:


Live Help!

My Rewards Program






Secured and Verified by:
About SSL Certificates
HACKER SAFE certified sites prevent over 99.9% of hacker crime.
Discover, Master, Visa, American Express
Your current IP is: 54.167.138.53

Phone Card Rates
Brazil Phone Card, Brazil Calling Card Flag   Brazil 0.2¢ Canada Phone Card, Canada Calling Card Flag   Canada 0.1¢
China Phone Card, China Calling Card Flag   China 0.1¢ Egypt Phone Card, Egypt Calling Card Flag   Egypt 3.1¢
France Phone Card, France Calling Card Flag   France 0.1¢ Germany phone card, Germany calling card flag   Germany 0.1¢
Iraq Phone Card, Iraq Calling Card Flag   Iraq 1.0¢ india phone card, india calling card flag   India 0.1¢
italy phone card, italy calling card flag   Italy 0.1¢ Japan Phone Card, Japan Calling Card Flag   Japan 0.3¢
Korea South Phone Card, Korea South Calling Card Flag   S. Korea 0.1¢ Mexico Phone Card, Mexico Calling Card Flag   Mexico 0.4¢
Nigeria Phone Card, Nigeria Calling Card Flag   Nigeria 2.7¢ Philippines Phone Card, Philippines Calling Card Flag   Philippines 4.6¢
Russia Phone Card, Russia Calling Card Flag   Russia 0.3¢ Taiwan Phone card, Taiwan Calling Card Flag   Taiwan 0.1¢
South Africa Phone Card, South Africa Calling Card Flag   S. Africa 0.9¢ USA Phone card, USA Calling Card Flag   USA 0.3¢
UK Phone Card, United Kingdom Calling Card Flag   UK 0.1¢ USA Phone card, USA Calling Card Flag   Vietnam 0.8¢
 
Phone Card News
 





















More News...