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 Message Boards » » Nortel Declared for Chapter 11 Page [1]  
Douche Bag
Fcuk you
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eek:

I have several friends that work there. I kinda saw it coming, considering they survived the 2000 telecom bust.

Quote :
"Nortel files for bankruptcy protection


Posted: Today at 6:41 a.m.
Updated: 35 minutes ago

Research Triangle Park, N.C. — Reeling from the sudden drop in demand for its voice-only telecom-network equipment, Nortel Networks Corp. (NYSE: NT) filed for bankruptcy protection Wednesday.

The Toronto-based company, which employs about 2,000 people at its campus in RTP, has been trying to cut costs and sell assets.

Nortel spokesman Jay Barta said the Chapter 11 filing in Delaware bankruptcy court will have no immediate impact on the RTP operations, but he said that might change in the future.

"We are not announcing any changes specific to Nortel sites or employment connected with this announcement at this time, but as part of our restructuring, we will be reviewing options to reduce costs," Barta said in an e-mail to WRAL News.

The bankruptcy filing comes as Nortel, which faces a $107 million payment on debt on Thursday, continues to struggle financially. The largest maker of telecommunications gear in North America, the company has failed to find a buyer for one of its networking divisions, a key factor in its bid to recover financial stability.

Creditor protection would give the company more time to explore restructuring options or sell off some of its assets.

"Nortel is still very much in business, and we will continue to be 100 percent focused on driving results for all of our stakeholders," Barta said. "We expect to emerge a more focused, financially sound and competitive company."

Nortel said in a release that it had been in the process of a turnaround since late 2005 but added that "the global financial crisis and recession have compounded Nortel's financial challenges and directly impacted its ability to complete this transformation."

Local analysts said the bankruptcy filing doesn't come as a surprise. Nortel has struggled since the technology bubble burst in 2000, they said.

Last month, the company launched a restructuring plan that eliminated 1,500 jobs.

Nortel President and Chief Executive Mike Zafirovski said the company filed for Chapter 11 protection with a $2.4 billion Canadian ($2 billion) cash position.

"Nortel must be put on a sound financial footing once and for all," Zafirovski said in the statement.

The company has been attempting to recover for years from an accounting crisis that affected results and caused shareholder lawsuits, regulatory investigations and the firing of key executives, including former CEO Frank Dunn.

Nortel stock, which once traded at more than $1,200 Canadian per share on a pre-split basis during the tech bubble, closed Tuesday at 38.5 Canadian cents a share on Canada's main stock exchange.

Nortel once had more than 95,000 employees and a market capitalization of $366 billion Canadian ($297 billion) on the Toronto Stock Exchange. It closed Tuesday worth just $191 million Canadian ($155 million).

The Toronto Stock Exchange halted trading of Nortel's shares Wednesday as the stock fell 30 percent in pre-market trading.

Nortel’s board met Tuesday night to discuss strategy and the debt payment.

One analyst told Reuters that Nortel could pursue bankruptcy even though it still had plenty of cash on hand.

"The issue is not whether or not they can pay it. ... It's the idea of, if you know you're eventually going to default anyway, why not do it now and keep the ... interest payments you would have shelled out," Duncan Stewart of DSAM Consulting told Reuters.
"


[Edited on January 14, 2009 at 1:38 PM. Reason : ]

1/14/2009 1:35:04 PM

Queef Sweat
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you have several friends that work there for now.

1/14/2009 1:36:57 PM

jackleg
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yeah, after all my friends my age graduated college, the highest paid ones were nortel employees. guess they just paid dumbasses too much money for too long

1/14/2009 1:37:04 PM

Douche Bag
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most of the staff there are engineers. they typically get paid well.

1/14/2009 1:37:50 PM

Stimwalt
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pwnt

1/14/2009 1:38:13 PM

oneandonly
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Jackleg, Sunshine...


you realize you are calling me a dumbass right?!?!!?!?

1/14/2009 1:41:15 PM

oneandonly
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Quote :
"most of the staff there are engineers. they typically get paid well."



Sure... if you still have a job

1/14/2009 1:41:55 PM

confusi0n
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needs more Gold Bond Powder!

1/14/2009 1:46:05 PM

pilgrimshoes
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if you steal my sunshine?

1/14/2009 1:46:05 PM

oneandonly
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I LOVE GB POWDER!

1/14/2009 1:47:27 PM

jackleg
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Quote :
"Jackleg, Sunshine...


you realize you are calling me a dumbass right?!?!!?!?"


skittle, i love you more than life itself. i name brand love you.

i was talking about the people i knew from college who went on to nortel. totally overpaid.

you deserve every dime. please dont hate me, i like it when you sing to me

YOURE MY ONE AND ONLY

1/14/2009 1:48:17 PM

oneandonly
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Hahahhaha you are forgiven. My love for you has never ceased... Sunshine

1/14/2009 1:52:03 PM

sober46an3
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im glad i didnt accept that nortel job out of school.

1/14/2009 1:52:11 PM

hershculez
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Hooray for working in the power industry. You all would have to covert your homes to solar power for the utilities to file for chapter 11.

1/14/2009 1:55:02 PM

jackleg
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our love is the most pure kind

1/14/2009 1:56:20 PM

JBaz
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I've met a few Nortel employees at a the christmas ball in Raleigh, I was impress that they still had their jobs, but to note, they were the ones that got hammered first and really hard... It was a Tuesday night.

1/14/2009 2:26:19 PM

IRSeriousCat
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Quote :
"i was talking about the people i knew from college who went on to nortel. totally overpaid.
"


agreed

1/14/2009 2:27:43 PM

needlesmcgir
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I work there. Sucks around here today.

1/14/2009 2:30:10 PM

Vulcan91
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I, too, work at Nortel

1/14/2009 2:36:45 PM

IRSeriousCat
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^^ and ^

i wouldn't really worry. i don't imagine you guys getting laid off any time soon, especially if you have interface with customers.

its the R&D people i'd worry about.

1/14/2009 2:38:33 PM

Douche Bag
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i love oneandonly more than i love life itself...classic line. she is by far the coolest chick evar! totally hot a little bit cute and down to earth

1/14/2009 3:34:17 PM

Stimwalt
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Don't listen to the false hope, start looking elsewhere immediately. That impending sense of doom is not just your imagination.

Chapter 11 bitches

[Edited on January 14, 2009 at 4:42 PM. Reason : -]

1/14/2009 4:42:17 PM

BlackSheep
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http://www.youtube.com/watch?v=q1T5EGGl8mo

They removed the comments, but here are some highlights:

"I believe I did not get paid today"

"I believe who ever filmed this should have used a tripod"



[Edited on January 19, 2009 at 10:56 AM. Reason : .]

1/19/2009 10:55:08 AM

oneandonly
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FAIL!
hahahhahaha

1/19/2009 10:55:31 AM

BlackSheep
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haha, you saw that.

1/19/2009 10:56:52 AM

Kiwi
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My dad was with the company for close to 20 years and he said he could feel it coming (he's been through a lot fo their lay offs) He started his new job and not 2 weeks later his entire department got laid off.

Shitty but not surprising

1/19/2009 11:01:12 AM

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