re: Nortel Files for Bankruptcy ProtectionI hope those Nortel people like the Kung Pao chicken. They will be working for their new Chinese masters soon enough.
re: Nortel Files for Bankruptcy ProtectionI hope those Nortel people like the Kung Pao chicken. They will be working for their new Chinese masters soon enough.
Perhaps. But you should notice that Nortel is about to hammer a whole lot of their weak creditors (like retirees). They have an opportunity to forge an improved cost structure, which non-Ch 11 folks will not be able to emulate.
If there's going to be a wave of reorgs, the guy who does it first is at an advantage. Whether our canuck management friends are able to capitalize on this advantage is, of course, the question.
re: Nortel Files for Bankruptcy ProtectionWell Nortel has been notorious for their pompous attitudes, ruthless penny pinching with suppliers, contractors, and employees. Now it continues with the further shafting of creditors, suppliers, employees and retirees.
Who's next? I say Sprint is next for Bankrupcy or aquisition. But in the long run does it really matter?
re: Nortel Files for Bankruptcy ProtectionCanadian government pledged $30M and (probably more importantly) a helping hand in talking to the banks about post-filing financing:
Not a bailout ($30M, for a company that has $2.4B in cash already, seems like a token), but it sounds like they're working to make sure "Nortel," in some form, lives on.
I might be interpreting this wrong, though - anyone else have any thoughts?
Perhaps. But you should notice that Nortel is about to hammer a whole lot of their weak creditors (like retirees). They have an opportunity to forge an improved cost structure, which non-Ch 11 folks will not be able to emulate.
If there's going to be a wave of reorgs, the guy who does it first is at an advantage. Whether our canuck management friends are able to capitalize on this advantage is, of course, the question.
Who's next? I say Sprint is next for Bankrupcy or aquisition. But in the long run does it really matter?
http://www.lightreading.com/do...
Not a bailout ($30M, for a company that has $2.4B in cash already, seems like a token), but it sounds like they're working to make sure "Nortel," in some form, lives on.
I might be interpreting this wrong, though - anyone else have any thoughts?