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  • Nortel Files for Bankruptcy

    This story appeared on Network World at
    http://www.networkworld.com/news/200...files-for.html

    Nortel files for bankruptcy

    By Mikael Ricknäs , IDG News Service , 01/14/2009
    Sponsored by:

    Financially struggling Nortel filed for Chapter 11 in U.S. bankruptcy court Wednesday.

    The financially ailing Canadian company is seeking creditor protection in the United States, Canada and EMEA (Europe, the Middle East and Africa), it said in a statement.

    Nortel gave "full consideration to the alternatives" to bankruptcy, but given the current economic downturn decided that bankruptcy is in the company's best interest long term.

    The telecommunications equipment vendor will undertake "a comprehensive business and financial restructuring" and expects to emerge from the bankruptcy process "more focused, financially sound and competitive."

    Nortel had a $107 million bond payment due this week. Last month, the New York Stock Exchange informed the company it would be delisted if its share price did not rise above the minimum $1 within six months.

    All contents copyright 1995-2009 Network World, Inc. http://www.networkworld.com


    Letter from Nortel's CEO:

    CEO Zafirovski writes "Nortel is still very much in business"
    Network World , 01/14/2009
    Sponsored by:

    Dear Friends of Nortel,

    Today, Nortel is filing for creditor protection in Canada, the United States and Europe in order to undertake a comprehensive business and financial restructuring. I firmly believe these are the right steps toward a solution for our company. This process will enable Nortel to become the highly focused and financially sound communications leader it should be. (Read a news story on the bankruptcy.)

    Most importantly, Nortel is still very much in business and our commitment to customers remains unwavering. We will continue to invest in leading edge R&D to deliver the value our customers expect from us.

    To all our stakeholders - including customers, suppliers and employees -- please know that this decision was not taken lightly. I can assure you we explored every possible alternative, sought a variety of solutions, and engaged in extensive consultation with our Board of Directors and many other experts.

    I am convinced that by choosing this path at this time, we can put Nortel on sound financial footing once and for all. It will allow us to deal decisively with our cost and debt burden, restructure our business and narrow our strategic focus in an effective and timely manner.

    Sincerely,

    Mike Zafirovski,
    President and CEO, Nortel
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  • #2
    Re: Nortel Files for Bankruptcy

    Where do we see Nortel's OEM parts/equipment in use?

    The name rings a bell in my head, but I can't seem to place it.
    |TG-18th| Acreo Aeneas
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    • #3
      Re: Nortel Files for Bankruptcy

      Originally posted by Acreo Aeneas View Post
      Where do we see Nortel's OEM parts/equipment in use?

      The name rings a bell in my head, but I can't seem to place it.
      I can't tell if you're serious or tongue-in-cheek.

      They make PBX equipment, you know, the stuff Alexander Graham Bell was famous for. ;)
      Dude, seriously, WHAT handkerchief?

      snooggums' density principal: "The more dense a population, the more dense a population."

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      • #4
        Re: Nortel Files for Bankruptcy

        Originally posted by ScratchMonkey View Post
        I can't tell if you're serious or tongue-in-cheek.

        They make PBX equipment, you know, the stuff Alexander Graham Bell was famous for. ;)
        I was serious. What's PBX equipment?

        From your reply, I think I was way off on my question...so what should I be asking (besides the fact that the company name rings a bell)?
        |TG-18th| Acreo Aeneas
        TG World of Tanks Clan Executive Officer
        Former 9th & 13th

        Pronounciation: Eh-Cree-Oh Ah-Nay-Ess
        Still can't say it? Call me Acorn then. -.-





        SSDs I Own: Kingston HyperX 3K (240 GB), Samsung 840 Pro (256 GB), Samsung 840 EVO (250 GB), Samsung 840 x 2 (120 GB), Plextor M5S (120 GB), OCZ Vertex (30 GB)

        TG Primer and Rules

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        • #5
          Re: Nortel Files for Bankruptcy

          Originally posted by Acreo Aeneas View Post
          I was serious. What's PBX equipment?

          From your reply, I think I was way off on my question...so what should I be asking (besides the fact that the company name rings a bell)?
          PBX for Private Branch eXchange, you know phone systems for companies with all those fancy functions.

          They also make network equipments such as routers as managed switches and such.

          They are or rather were a very large telecommunications company.
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          • #6
            Re: Nortel Files for Bankruptcy

            Everyone's following the natural progression away from POTS/PBX and to VoIP. They're being outclassed by the CISCO VoIP systems, and perhaps outsold by Avaya VoIP. I don't recall ever seeing a Nortel switch or router though *scratches head*.
            "But way back where I come from, we never mean to bother. We don't like to make our passions other peoples' concern." -Dar Williams
            Former Captain of the 55th Infantry Division

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            • #7
              Re: Nortel Files for Bankruptcy

              Originally posted by Spulat View Post
              Everyone's following the natural progression away from POTS/PBX and to VoIP. They're being outclassed by the CISCO VoIP systems, and perhaps outsold by Avaya VoIP. I don't recall ever seeing a Nortel switch or router though *scratches head*.
              Type 'Nortel switch' in google image :)

              We used to run with lots of Nortel equipment back when I was working for the local hospital's IT department.
              |TG-Irr| D_Ronin
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              • #8
                Re: Nortel Files for Bankruptcy

                PBX: http://en.wikipedia.org/wiki/Private_branch_exchange

                For a really cool one, check this out: http://www.asterisk.org/

                Screenshots of the Asterisk management interface:

                http://www.asterisknow.org/image/tid/58
                Dude, seriously, WHAT handkerchief?

                snooggums' density principal: "The more dense a population, the more dense a population."

                Iliana: "You're a great friend but if we're ever chased by zombies I'm tripping you."

                Comment


                • #9
                  Re: Nortel Files for Bankruptcy

                  Originally posted by D_Ronin View Post
                  PBX for Private Branch eXchange, you know phone systems for companies with all those fancy functions.

                  They also make network equipments such as routers as managed switches and such.

                  They are or rather were a very large telecommunications company.
                  Originally posted by Spulat View Post
                  Everyone's following the natural progression away from POTS/PBX and to VoIP. They're being outclassed by the CISCO VoIP systems, and perhaps outsold by Avaya VoIP. I don't recall ever seeing a Nortel switch or router though *scratches head*.
                  That is why it rings a bell in my head. I associated the name with phones and communication. :)

                  Now to read up on this POTS/PBX stuff.
                  |TG-18th| Acreo Aeneas
                  TG World of Tanks Clan Executive Officer
                  Former 9th & 13th

                  Pronounciation: Eh-Cree-Oh Ah-Nay-Ess
                  Still can't say it? Call me Acorn then. -.-





                  SSDs I Own: Kingston HyperX 3K (240 GB), Samsung 840 Pro (256 GB), Samsung 840 EVO (250 GB), Samsung 840 x 2 (120 GB), Plextor M5S (120 GB), OCZ Vertex (30 GB)

                  TG Primer and Rules

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