grumpyone60
Technical User
I saw on Bloomburg where Nortel filed for bankrutcy today,,,
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Nortel filing for bankruptcy today.. 2
- Thread starter grumpyone60
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Link to the story:
Statement from the CEO:
"Nortel must be put on a sound financial footing once and for all," said Nortel President and CEO Mike Zafirovski. "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. I am confident that the actions we're announcing today will be the fastest, most effective means to translate our improved operational efficiency, double-digit productivity, focused R&D and technology leadership into long-term success. I want to reaffirm Nortel's dedication to delivering world-class solutions and services to customers."
The key points are:
1. This is a solution that will put Nortel on a sound financial footing once and for all.
2. Nortel expects to continue with day-to-day operations without interruption.
3. Nortel intends to emerge from this process as a stronger, more competitive and focused Company, in a better competitive position to capitalize on the opportunities ahead.
4. We acted now because we have sufficient liquidity to both run our operations and restructure our business."
War Eagle!!
Statement from the CEO:
"Nortel must be put on a sound financial footing once and for all," said Nortel President and CEO Mike Zafirovski. "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. I am confident that the actions we're announcing today will be the fastest, most effective means to translate our improved operational efficiency, double-digit productivity, focused R&D and technology leadership into long-term success. I want to reaffirm Nortel's dedication to delivering world-class solutions and services to customers."
The key points are:
1. This is a solution that will put Nortel on a sound financial footing once and for all.
2. Nortel expects to continue with day-to-day operations without interruption.
3. Nortel intends to emerge from this process as a stronger, more competitive and focused Company, in a better competitive position to capitalize on the opportunities ahead.
4. We acted now because we have sufficient liquidity to both run our operations and restructure our business."
War Eagle!!
- Thread starter
- #3
grumpyone60
Technical User
So file bankruptcy and just mess up the guy you owe money to,,,, and keep your fortunes to your self. The new American way of thinking I guess,
Johnthephoneguy
Technical User
Funny that Nortel is a Canadian company so I am not sure why you are blaming this on "the new american way of thinking" lol
JohnThePhoneGuy
"If I can't fix it, it's not broke!
JohnThePhoneGuy
"If I can't fix it, it's not broke!
nortels decision to sell all there mfg, training etc divisions off 8 (or so) years ago pretty much tanked their future.. if you can control quality or hardware r and d.. unless your microsoft your going down the tube..
gates never had a software problem, he could blame 90 percent of any problem on hardware.. now nortel no longer makes hardware, but since it still carries the nortel brand, the sofware div can't tell you to call, hp or dell..
unless they do some major restructure,. they will be bought out. chapter 11 is almost a for sale by owner sign in this case, our stock is now worth 11 cents and we have almost no debt..
john poole
bellsouth business
columbia,sc
gates never had a software problem, he could blame 90 percent of any problem on hardware.. now nortel no longer makes hardware, but since it still carries the nortel brand, the sofware div can't tell you to call, hp or dell..
unless they do some major restructure,. they will be bought out. chapter 11 is almost a for sale by owner sign in this case, our stock is now worth 11 cents and we have almost no debt..
john poole
bellsouth business
columbia,sc
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grumpyone60
Technical User
Because they filed for bankruptcy in Delaware along with filing for it in Canada ??? Maybe they just want some of Obama's bail out money....
Johnthephoneguy
Technical User
I was told it does not affect the Nortel Government Solutions side of the house.
JohnThePhoneGuy
"If I can't fix it, it's not broke!
JohnThePhoneGuy
"If I can't fix it, it's not broke!
No one can say that they are surprised by this news, you have to have seen it coming, ever since Y2K....... The instability of Nortel is the only reason the my company, one of the largest customers of Nortel, decided to go Cisco, and much to my dismay!
my management does not care about the details of the chapter 11 they already said no new purchases and find another system to install.its called risk reduction.i am sure other companies have the same viewpoint.i imagine the loss of revenue on new systems will hurt more than ever.we only will upgrade and maintain nortel gear in commission but no new system purchases..leaning toward Avaya/Lucent..anyone know of another good manufacturer ?
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- #13
@1998xj8 -- Typical knee-jerk reaction. The sad thing is many companies (both vendor and user) will react this way.
Nortel did not announce the closure of business, they announced legal PROTECTION from creditors. This enables them to re-org without a creditor swooping in and claiming all the assets and cash, thereby shutting them down.
United did it and are still alive. Chrysler did it in the 80s and kept on operating.....
Nortel did not announce the closure of business, they announced legal PROTECTION from creditors. This enables them to re-org without a creditor swooping in and claiming all the assets and cash, thereby shutting them down.
United did it and are still alive. Chrysler did it in the 80s and kept on operating.....
I agree with Phonz1, because of Nortels inabillity to sort their house out i've fought a one man Nortel crusade against an increasing CISCO tsunami.... glad i never went and joined them 6 months ago.
Remember if it doesn't work hit it harder
Scott UK
Remember if it doesn't work hit it harder
Scott UK
Nortel Europe has gone into adminstration. 9 out of 10 times that means sell up / close up. I doubt they will get a buyer.
Does this affect LG-Nortel or are they a seperate business?
Most people spend their time on the "urgent" rather than on the "important."
Does this affect LG-Nortel or are they a seperate business?
Most people spend their time on the "urgent" rather than on the "important."
its unlikely they will close because there is a vast installed base everywhere, its not like a supermarket or retail shop that can close anytime.
on my opinion its a good timing because of the current economic situation companies are cutting spending and unlikely to change system, they will stick what they have at the moment
on my opinion its a good timing because of the current economic situation companies are cutting spending and unlikely to change system, they will stick what they have at the moment
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- #19
Just read the following from
"It is also worth mentioning the company's affiliates in Asia, including LG Nortel and in the Caribbean and Latin America, as well as the Nortel Government Solutions business, are not included in these proceedings and are expected to continue to operate normally.
"It is also worth mentioning the company's affiliates in Asia, including LG Nortel and in the Caribbean and Latin America, as well as the Nortel Government Solutions business, are not included in these proceedings and are expected to continue to operate normally.
This is the kind of company that can make Nortels comeback
impossible.Experts site this co. as unlimited boundaries..
Huawei Technologies Co. Ltd.
read up on them. Its a tough pill to swallow but its pretty evident . extensive r&d, low employee and production costs,they already have an atmosphere that even with the bankrupt and realignment that nortel can never create.Its gonna be the next giant and what an advantage starting in the biggest market in the world China..
impossible.Experts site this co. as unlimited boundaries..
Huawei Technologies Co. Ltd.
read up on them. Its a tough pill to swallow but its pretty evident . extensive r&d, low employee and production costs,they already have an atmosphere that even with the bankrupt and realignment that nortel can never create.Its gonna be the next giant and what an advantage starting in the biggest market in the world China..
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