It’s probably too late, but Ottawa’s City Council is making a desperate plea to keep bankrupt Nortel Networks from selling itself off in parts.
In a press release issued Thursday, the Council asks for help from Canada’s federal government and all provincial governments “to ensure that Nortel Networks remains a vital part of Ottawa’s high technology sector.”
Councillor Marianne Wilkinson states, “Nortel and its predecessors have been an important part of Canada’s business community for almost 115 years. If they are allowed to sell parts of Nortel it would mean the loss of key intellectual property and quite possibly the end of the high tech sector in Ottawa.”
The Council says a broken-up Nortel could mean 20,000 more job losses, a devastating effect on an economy already struggling in these tough times.
“We cannot afford to lose this major intellectual and economic engine,” said Acting Mayor Michel Bellemare. “Working with our government partners and local business leaders we can ensure the future of Nortel in Ottawa.”