Nortel Networks Corporation (Nortel), formerly commonly known as Northern Electric and Northern Telecom, was a multinational telecommunications and data networking equipment manufacturer headquartered in Mississauga, Ontario, karacto.xyz was founded in Montreal, Quebec, in as the Northern Electric and Manufacturing karacto.xyz an antitrust settlement in , Northern Electric . In , Nortel Support applied in Canada and the United States for bankruptcy proceedings, which resulted in a 79 percent drop in its operating assets. Nortel had lost properties worth billions of dollars by The US and Canadian courts accepted a proposed debt deal in 13 views. Jul 16, · Ernst & Young, the consultants in charge of Nortel’s nine-year long bankruptcy proceedings, began distributing cheques to approved creditors a .
Related videosThe Rise and Fall of Nortel Networks - 5 Minute History Lesson
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While bankruptcy protection doesn't always signal the end of a company, in today's economic climate, it could prove disastrous as the already-struggling company may find it even more difficult to convince customers to buy its gear.
Carmakers used this argument recently when seeking a bailout from Congress. They said that customers would be unwilling to buy cars from companies that they feared wouldn't be around to service them. But as the company sinks deeper into trouble, many industry watchers believe that Nortel will likely be broken apart during Chapter 11 restructuring, with individual businesses sold off one by one.
Nortel is currently trading at 32 cents. Nortel's fall from grace was a result of a series of strategic missteps over the years that chipped away at the company's value. Mike Zafirovski came on board as chief executive three years ago to help turn around the company.
Initially, he had some success building profits from selling wireless gear to U. Under his leadership, Nortel invested in new technology, and the company was preparing for the next wave of wireless networks. But then the economy tanked, and phone companies started to pull back on spending, which resulted in a sharp revenue drop for Nortel.
In September, Nortel announced more cost-cutting and said it would sell some of its business units. But the company was unable to find a buyer. Nortel isn't the only big telecommunications equipment maker to struggle. Alcatel Lucent, which has also been trying to get back on track after the telecommunications boom, announced a restructuring late last year. Nortel is also expected to seek bankruptcy protection against creditors in its home country of Canada.