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Articles tagged with: Nortel and Bankruptcy
Nortel to Seek Buyer for Stake in LG-Nortel Joint Venture
nortel has confirmed that it has decided to seek a buyer for its majority stake (50% + 1 share) in LG-nortel, the company's Korean joint venture with LG Electronics. nortel, which is in bankruptcy protection said that LG-nortel is a profitable, standalone business with a strong balance sheet, and has not filed for creditor protection. more
Related Tags: lg, lg-electronics, nortel-networks, goldman-sachs, Korea South
Nortel Gets More Time to Restructure
nortel Networks has been granted a three-month extension to the bankruptcy protection order granted by the Ontario Superior Court of Justice. The firm now has until July 30th to put together its restructuring plan for approval by the court. more
Nortel Pensioners Seek Resumption of Benefits Payments
A group of former employees and pensioners from Canada's nortel has asked a court to order the firm to resume benefits payments, including severance pay and pension supplements. nortel ceased the payments when it went into bankruptcy protection and is claiming that they are unsecured claims and will have to be paid out of any proceeds left when the firm emerges from bankruptcy protection. more
Related Tags: , ptc, sim, lawyer, Canada
Nortel Exec - Will Consdier Bids for the Company Divisions
Canadian infrastructure vendor, nortel Networks will give serious consideration to any offers to buy divisions in the company as it restructures under court approved bankruptcy protection. more
Related Tags: ptc, nokia, wall-street-journal, iden, nokia-siemens-networks, nortel-networks, siemens, nokia-siemens, Canada
Nortel Gets Permission to Pay $45 Million in Staff Bonuses
nortel Networks has received authorisation from the Canadian and US Bankruptcy courts to pay bonuses of US$45 million to its staff and managers. Eight of the executives will share up to US$7.3 million between them, as part of an overall US$23 million bonus program for 92 senior managers. A further US$22 million has been earmarked for 880 key employees. more
Related Tags: ptc, eu, iden, mike-zafirovski, hawaiian-telcom, lawyer, Canada
RIM Looking to Hire Thousands of New Staff in 2009
BlackBerry maker Research in Motion (RIM) is reported to be bucking the general economic trend and is seeking to hire several thousand new employees this year - scooping up available talent as people are laid off at other firms. more
Related Tags: ptc, nokia, iphone, apple, wind, gartner, rim, research-in-motion, nortel-networks, Canada
Nortel Considering Break-Up of the Company
Canada's nortel Networks, which is currently working through a restructuring may seek to break itself up rather than emerge from bankruptcy protection as a whole company. Citing people close to the issue, the Wall Street Journal said that the firm is in talks to sell it component divisions to two of its main rival. more
Related Tags: ptc, nokia, wall-street-journal, nokia-siemens-networks, siemens, nokia-siemens, Canada
Telecom Equipment Market Expected to Suffer a Sharp Downturn in 2009
The global telecommunications equipment market grew by close to 5% in 2008: a moderate rate of growth that involved a shift in the contribution made by handset components and infrastructure hardware reports IDATE. From a geographical standpoint, Asia was the prime source of growth - specifically China and India - which accounts for two-thirds of the increase in sales worldwide, while representing only just over 40% of the total market (and China and India combined accounting for less than 20%). more
Related Tags: ptc, 3g, nokia, motorola, eu, cisco, ict, itu, huawei, zte, ericsson, seven, idate, siemens, alcatel-lucent, nokia-siemens, chipset, alcatel
Nortel Networks Reports $2.14 Billion Loss for Q4
nortel Networks has reported a net loss of US$2.14 billion in the fourth quarter, compared with a net loss of $844 million a year earlier as the firm struggles to restructure itself in bankruptcy protection. The losses includes a reduction of the deferred tax asset of US$951 million, a write-down of $1.2 billion, special charges of US$97 million for restructurings and a loss of US$46 million due to currency fluctuations. more
Related Tags: ptc, nortel-networks, tax, Canada
Nortel Cuts A Further 3,200 Jobs - Cancels 2008 Bonuses
nortel has announced it intends to reduce its global workforce by an additional net 3,200 positions over the next few months. These new reductions are incremental to the 1,800 remaining reductions from previously announced plans that require completion. more
Related Tags: ptc, ict, personal