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Mike Z.’s Newest E-Mail
Team Nortel: As you may have seen in The Wall Street Journal this morning, the media continue to speculate on our current situation. Although this is one more of the many stories that continue to be written about us, I want to take a moment to put their commentary into perspective.
Typically, we do not comment on rumors in the media, and I will not do it here either. However, I want to speak to you directly about our status and plans, so you can have the latest actual information. Let me reiterate that our process remains the same one Pavi and I discussed at the last global GIS and on calls with our ELT.
We have made every effort to stabilize our business, and in general, this is being accomplished with strong support by our customers and committed efforts by you, the Nortel employees. We are continuing to serve our customers well, which is in the best interest of all of us. And, we are now developing a business plan to present to creditors and the courts that will determine our future.
As we shared with you on February 25, we expect this plan to be ready internally in the late March timeframe, with creditor reviews in later March/April. The restructuring of Nortel is a complex process that requires thoughtful analysis of the various possible paths open to us. As I have said before – and which the Journal story also emphasizes – there is much still to be done and decided. As soon as we are able to share more information with you – including our go-forward plan – I assure you, we will.
Most importantly, we must continue to focus on customers as we go through this process. We must continue to tell them that Nortel is open for business. And, we must continue to focus on the work at hand. That is the only way forward, and thank you for the strong efforts and results on these fronts since we filed.
As always, thank you for all you are doing for Nortel and our customers.
Mike
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