Nortel bankruptcy


Nortel Paid Mike Zafirovski $2.3M When He Resigned

When Mike Zafirovski resigned as bankrupt Nortel Networks’ CEO last year, the company said he did not receive a severance package. What Nortel did not divulge, until publishing its latest annual report, was that Zafirovski walked away with $2.3 million in compensation comprised of regular pay, $1.19 million in incentives and other money. And Zafirovski […]

Reports: Nortel To Sell LG Stake to Ericsson

Nortel Networks Corp. reportedly is ready to sell its stake in the venture with LG Electronics Inc. (LGERF.PK) to Ericsson (ERIC). The LG venture is not part of bankrupt Nortel’s creditor protection proceedings, Nortel said last year. But selling its 50-percent-plus-one-share stake will help raise money to pay back creditors. The joint venture’s sales dropped 24 percent […]

Nortel Makes $57M Deal With Pensioners

Former Nortel Networks workers who feared they’d lose their company-covered benefits by March 31 will continue to get coverage through the end of the year, in a deal announced on Monday. Bankrupt Nortel negotiated the $57 million deal with groups representing the ex-employees. The agreement impacts tens of thousands of pensioners, long-term disability recipients and […]

Nortel Pensioners Ask Canada to Protect Their Assets

Nortel Networks pensioners in Canada aren’t giving up on their quest for a government rescue and protection of their retirement funds. Bankrupt Nortel is giving ex-workers no guarantees that their benefits will be available – and that’s particularly hard on the company’s elderly, disabled and otherwise-vulnerable former employees. So, on Wednesday, ex-staff took matters into […]

Nortel Layoffs Strain Canada’s Public Insurance System

After telecom equipment maker Nortel Networks declared bankruptcy more than a year ago, it told employees in the United States they could have pension benefits, but not severance pay. The situation was similar in Nortel’s home country of Canada, and now the public insurance system is bearing the brunt of that decision. An independent financial analyst […]

Saving Nortel Never Was Realistic, Says Former Exec

Jan. 14, 2010 marks the year anniversary of the beginning of the end for Nortel Networks. That’s the day the once-venerated telecom equipment maker, a major source of tech jobs and R&D in Canada, filed for bankruptcy. (Expect a flood of “one year later” analyses over the next couple of weeks.) And it did so […]

Once Nortels Gone, Who Fills the Void?

Mark Evans at All About Nortel brings up a good point this week: What effect will Nortel Networks’ demise have on Canada’s startup landscape? It’s an interesting question as Nortel continues to auction its assets and as pensioners fight for their benefits. Those issues have garnered the most attention amid Nortel’s bankruptcy chaos. But what […]

Nortel: Postmortem Dissects Days Just Before Bankruptcy

When a company – particularly a long-time giant – files bankruptcy, the postmortems tend to focus on the missteps and the executives responsible for those decisions. The atmosphere and environment surrounding the decision often are overlooked. Until now. The Canwest News Service is running an in-depth, eight-part series on the days leading up to Nortel […]

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