Wednesday, January 14, 2009

Are Nortel Networks about to file for bankruptcy?

Rumours abound that Canadian based Nortel Networks - makers of lots of switches and network devices - may be about to file for the Canadian equivalent of Chapter 11 bankruptcy protection and receive a Government bail-out.

Not sure how many jobs Nortel have in the UK but if it happens there could be quite a few job losses I imagine as they have a few offices here.

Update: It started going wrong for their share price in a big way in September. $12 a share to about 40 cents in just 12 months. Wonder if Brown visited the offices?



UPDATE II: 11:33am Ottawa Citizen reports "Nortel to seek bankruptcy protection" referencing a report in the Globe and Mail.

UPDATE III: Am thinking this will mean quite a few jobs in the UK for sure.

UPDATE IV From comments. The Brown Curse took ten years

5 comments:

Vindico said...

IIRC Nortel has about 6,000 jobs in the UK

The Penguin said...

Bloody hell, the curse of The Penguin strikes again (if belatedly!)

That's another company I used to work for down the drain.

The Penguin

Gareth said...

Can it work by proxy?

Nortel announced as Official Network Infrastructure Partner and seventh Tier One sponsor for the London 2012 Olympic Games and Paralympic Games

Or take a decade to work its magic?

IanPJ said...

Globalisation claims another victim.

I have undertaken projects for Nortel on 6 separate occasions, and found their culture to be one of the better ones in the IT industry.

It will be a shame to see them go.

Gareth said...

Found a potential and much more recent one: 2nd December 2008

London 2012 sponsors meet at Number 10

"The inaugural meeting of ‘The Chairman’s Club’ - a collective made up from the top level sponsors of the London 2012 Olympic Games and Paralympic Games - was hosted today by the Prime Minister Gordon Brown at 10 Downing Street."

Nortel are mentioned in the notes to editors in this version.