Nokia Looking to Tap $2B Credit Facility

“so that it will be healthy at time of exit. ” Never mind even might be, let alone your “will be” here

Forget unsubstantiated elaborating after painting a false stage they will every be “healthy”… how with below nothing left?

What proverbially eluding restructuring plan., with what?
What a pinnacle of “health” in such a lovely trend. bankrupt.

How can we doubt your relentless optimism to date. Lots will be left over to “restructure their debt and balance sheet” as debt to cash ratio widens by the day, creditors grow, and assets decline. Koolaid defying the facts. What do you think will happen when money for operations run out stalling so much. Health?

“The plan” is another punchline even funnier today.
No plan by these masters of deceit and delay who lack credibility.

They can't get multiply more for all units on the table to further defy this and have anything left to plan with.

It is a delay and dupe, justified on the dependancy of what will be sold and left to plan with. What to sell …like anyone knows what on earth they were buying with their numbers and credibility even if they did appear to make a red cent after endless cuts.

Never mind trying to holding hostages to finance with in any plan as they circumvent creditors for bonuses and burn more cash by the day.

A live contradiction not worth speculating on.

A plan would require business units to plan with.
Nothing sold yet, no plan yet, only delays and bonuses are for sure following endless contradiction =)

No units left – no plan,
Money runs out – no plan
Trustee's fire sale -no plan

Show me the plan…. what plan…. depends on what is sold… no matter what is sold… no plan. Not before let alone today. Planned bankruptcy instead and lied about that, let alone looting the corpse right after.

Plan? Ya right…

INSIDE GDNT layoff cancellation

Sorry for putting such a message in here again, but I think this relay is valuable to disclose how fake the Nortel&GDNT managers are, and everyone around nortel deserves to know this:

In the email from the head manager of GDNT R&D center to L1 managers, asking them to notify employees to be laid off to attend HR layoff meeting, the head manager David Chavez required the managers as below:

“Although you do NOT need to say what the meeting is about, it will obvious to them”

David is pretty much a lawyer but not a site operator, next morning 1 hour before the first HR meeting starts, he sends out mail asking all the procedures to be “on hold”.

This is an direct evidence proven the layoff and layoff cancellation are both very good planned, that's why he said in another email several days later — the whole site has no any moral to say now.

That's also why, several days later, he sends out invitation to all the related managers(in the message body) asking them for drinking beer together at 3:00 PM on a working day. Unfortunately, he accidentally delivers the invitation to all the employees suffered with the the layoff cancellation.

I wouldn't be surprised if I saw David cleans up his office next morning, if he has any moral to say.

it must be,

“Nortel is requesting a stay until July 30th to extend its ch11 protection process for now.”

According to Z, hopefully restructuring plan will be completed by April/May.

Yes, we get your drift. It only took one post from you to get your drift. Your endless endless and endless gibberish is hard to miss. Oh, just wondering when those fraud trials that you've denoted as “looming” for the past nine months are actually going to commence? Soon? Or does “looming” just mean that as long as they happen someday, you were still right?

“silly things”? “catch a virus” or “take grammar at a young age”? Do you have any idea how utterly challenged you sound?

Was there any specific point you disagreed with than rudely personal attack.

Optimistic speculation has proven so clueless, sooo wrong sooo long.

I don't think this is proof that it was planned to notify of layoffs and then cancel. New information or developments in potential asset sales may have triggered the reversal of the decision.

Want more facts; less fantasy? Okay.

Nortel is a recognized leader in delivering communications capabilities that enhance the human experience, ignite and power global commerce, secure and protect the world's most critical information, and ensure the sustainability of our natural resources. Nortel is supporting both service providers and enterprises as they confront today's era of Hyperconnectivity-a world in which everything that can be connected will be connected. Companies rely on Nortel for solutions that make it simple for them to transform the challenges of hyperconnectivity into communication's opportunities.

This is accomplished through innovative services and products that encompass end-to-end voice, data, multimedia and unified communications across enterprise, wireline and wireless networks!

Nortel: Seeding the World for a Greener Tomorrow

Nortel has demonstrated that sound environmental management can result in financial benefits to the business and added value to both customers and other stakeholders.

The very nature of our business helps reduce adverse environmental impacts. The multimedia networks and applications we create and manage unite users across distances, playing a role in creating a “Greener” environment. Just because our logo is Blue doesn't mean our heart isn't Green!

Nortel's Multimedia Telepresence Services get to the core of Nortel's focus on environmental soundness through significantly reduced employee travel. By striving for both economic and environmental efficiencies, Nortel and its customers create successful businesses while proving themselves responsible members of the community.

Nortel's Multimedia Telepresence Services combine equipment, network and services, creating a complete, immersive experience you have to see to believe. With Nortel Telepresence, you'll be right in the middle of the action, interacting with colleagues, partners and customers who are-in reality-located in various cities, countries or even on different continents. This is nothing like videoconferencing of the 20th century…it's Telepresence for the 21st century!

By seeding the planet today, we're doing our part to ensure each corner of the globe is greener tomorrow.

Nortel Multimedia Telepresence: Keeping the Planet Green with End-to-End Services

With Nortel's concierge-level services, pro-active quality management, and true end-to-end support, you'll achieve interpersonal interactions without ever leaving your office. You'll eliminate long airport waits and costly travel expenses, while powering your business forward and contributing to a healthier environment.

In fact, when it comes to Telepresence, end-to-end multimedia services are critical for ensuring the fully-immersive, real-to-life experience this technology delivers. From initial deployment to ongoing monitoring, these services eliminate concerns so you can concentrate on the “beyond words” benefits of this real-to-life experience.

Our comprehensive multimedia services decrease your deployment times, enabling you-and the environment-to quickly and seamlessly realize the full benefits of Telepresence.

But the benefits of multimedia services don't end with deployment!

Nortel has Multimedia Network Operations Centers (MNOCs) located strategically throughout the world, ensuring always-available access to our dedicated service professionals. Through our 7x24x365 support, the Nortel team remotely monitors your Telepresence system, addressing issues before they arise. Proactive monitoring improves system performance and availability. Issues are handled remotely and unobtrusively.

After all, flying folks out to fix problems wouldn't be keeping the grass greener, would it?

Since Nortel's MNOCs are designed to serve multiple customers simultaneously, network management equipment and the associated power consumption are reduced. In fact, with managed services for telepresence, the only thing that's increased is the positive impact on our environment!

Environmental Practices Grown on Fertile Soil

In addition to our Multimedia Telepresence Services, Nortel's overarching business practices also focus on creating a greener tomorrow:

For the third consecutive year, Nortel has been named to the Dow Jones Sustainability North America Index (DJSI), an investment index that benchmarks North America's corporate leaders in sustainable development. The annual review is based on a thorough analysis of corporate, economic, environmental and social performance, assessing issues such as governance, risk management, branding, climate change, supply chain standards and labor practices.

In 2007, Nortel joined the Global e-Sustainability Initiative (GeSI), which aims to further sustainable development in the ICT sector. GeSI fosters global and open cooperation, informs the public of its members' voluntary actions to improve their sustainability performance, and promotes technologies that foster sustainable development.

Also last year, the company was recognized with several awards. Maclean's magazine named Nortel as one of Canada's Top ten Socially Responsible companies in the Technology and Media sector. Nortel additionally received the Alfred P. Sloan Award for Business Excellence in Workplace Flexibility, distinguishing the company as one of the top practitioners of workplace flexibility in Richardson, Texas.

Nortel, with our Multimedia Telepresence Services and our emphasis on sustainability leadership, is a proud sponsor of Kyoto Planet. As we continue pursuing our mission of environmental responsibility, setting new goals and meeting new challenges through innovation and determination, Nortel is delighted to be teaming with an organization that values and promotes the benefits of a greener world.

Call 1-800 4 NORTELand learn how Nortel can help keep your grass greener for today and into the future.

Nortel is a recognized leader in delivering communications capabilities that make the promise of Business Made Simple a reality for our customers. Our services and products support business-critical applications. Nortel's turn-key Multimedia Telepresence Services provide a complete experience that combines products, network and services, enabling an immersive environment that you must see to believe.

Less, I suspect that you are the Protosphere program designer. Aren't you?
Does it run on an old Vienna (Nortel's IBM compatible) computer?

New article in the Vancouver paper.

http://www.vancouversun.com/Business/Ottawa+Nor…

<img src=http://a123.g.akamai.net/f/123/12465/1d/www.vancouversun.com/business/ottawa+nortel+seeks+bankruptcy+extension/1536512/1236075.bin>
The familiar dome atop Nortel off Carling Ave. The former high-tech behemoth filed for bankruptcy January 14, 2009.

Ottawa’s Nortel seeks bankruptcy extension

By Bert Hill, Canwest News ServiceApril 26, 2009 6:01 PM

OTTAWA — Nortel Networks is seeking a three-month extension of bankruptcy protection from creditors owed billions of dollars.

Ernst & Young, the court-appointed monitor, said in a document filed with the Ontario Superior Court that the troubled company needs “significant additional time” to work on a restructuring strategy. The monitor’s report shows that the Canadian operations are burning cash at a fast pace, but expect to get more money from international operations soon to strengthen the books.

While cash reserves are dropping, the monitor said Nortel should have enough cash to get through to midsummer.

Nortel faces key deadlines in coming weeks, including preparing a business plan for reducing costs and releasing financial results for the quarter that ended in March. It is also working on a longer-range plan for restructuring debt and selling some operations in a bid to emerge from bankruptcy protection, likely in the next 12 to 15 months.

Nortel entered bankruptcy protection Jan. 14 in an action that prevents bondholders, suppliers, former employees and some pensioners from starting legal action for payments they were denied. The new request, which is expected to be approved by the Ontario Superior Court, would extend the protection from May 1 until July 30.

The latest monitor report shows the global recession and the company’s weak competitive position is putting Canadian operations in a cash squeeze. Nortel also faces challenges in a separate U.S. bankruptcy court action because some nervous creditors want more restrictions placed on the flow of cash from richer U.S. operations to poorer Canadian operations.

Nortel and the monitor said that while the official U.S. creditors committees wants more restrictions, there are other undisclosed stakeholders who would oppose that action. In any case, Nortel Canada appears to have worked out compromises to get $157 million more from global operations to keep operating in coming months.

The Canadian operations were the most vulnerable when Nortel entered into bankruptcy protection because they generate significant research and development costs, but relatively little sales from the Canadian market.

Nortel had warned that if it didn’t seek bankruptcy protection, the Canadian operations would have run out of cash this spring.

Cash reserves in the Canadian operations fell to $197.5 million U.S. April 11, down $54 million since Feb. 1, because of weaker cash flow and operating costs.

The Nortel U.S. operations recently disclosed depressed revenues of $318 million and significant losses of $106 million in a six-week period ending Feb. 28.

Traditionally, the U.S. has been Nortel’s richest market with more than 40 per cent of sales. Looking ahead to the end of July, Nortel Canada is predicting that cash reserves will drop another $56.5 million to reach $141.9 million.

However, payroll costs over the 10-week period were $5.5 million or six per cent lower than forecast because layoffs took faster than originally expected.

The company plans to cut about 5,000 jobs by the end of June from a global workforce of about 25,000. Nortel also received a $29-million dividend from LG-Nortel, an Asian joint venture which has been one of the company’s most successful operations in the last two years.

Don't you mean the McKinsey poodles? They couldn't find their posterior with a GPS and a topographical map with an X to mark the spot. I wouldn't trust those consultants to hire 5 year olds to run a koolaid stand (I apologize to all 5 year olds).

This tells you flat out all the LOB's have not yet been sold.
Looks like CN is going to be around for a little longer.
Maybe the New Nortel is just LTE?

IIt have been 3 months and there is virtually no development of a bussiness plan. Z has promised the beginning of May but I doubt he has anything meaningful and full of excuses.

Mike Z and the board should resign now instead of asking for another extension.

Well… Let's assume M.Z resigns (and the BoD with him). What next? who will chair the company? a judge?

His failure story notwithstanding, I prefer M.Z rather than somebody not aware of the business. I cannot imagine some competent one jumping in to save the boat…

We are not a government run society. The majority of employees are now outside of Canada. What is the incentive for the Canadian Government to bail out a company that has, for all intents and purposes, lost their Canadian Identity.

As for CDMA, 80%+ are JV's?

As a Canadian Taxpayer, I would greatly resent my tax dollars subsidizing a corporation that does not support at least 75% of the employees in Canada.

Right this is the reason Canadian government did not support Nortel.

1. 1. If Nortel makes profit who will enjoy it off course Canada

2. Do not forget 6000 employees and 12000 pensioners from Canada.

2. 8000 Employees from US

4. A big number of employees and pensioners in UK.

5. Very less number of employees in other countries except China.

Canada/US/UK are major economies of world if they had contributed $300-350 million each Nortel would not have gone for chapter 11 and it must have saved lot of peoples loosing their jobs and pensions.

MikeZ is not aware of the business – either strategically (the telecom business) or 'tactically' (Nortel's internal corporate culture).

That is why (for example) he brought in his 'dream team' – to avoid dealing with Nortel employees. The emperor should not have to deal with the plebes.

Firing him and making Bining interim CEO (he's already doing all the currently important parts anyway) would not lose anything.

This all is true but unfortunately worthless now.

This all only looks impressive on paper but it does not have any value in current situation.

You should know, the number of employees planned for layoff is about 400, that's almost 1/3 of GDNT R&D head counts. I can't believe such a decision can be made easily by one or several but not all leaders based on information you provide.

And there had about 1 week gap between the first annoucement in a GIS and its implementation — HR layoff meetings. Based on China Labor Law, GDNT should have submitted applications to Labor Union a month before the GIS annoucement.

The reason of layoff, David explained in his GIS meeting, the new LTE partner would not going to keep GDNT designers when they grab nortel LTE business, but only designers in NA.

The reaons of layoff cancellation, David explained in his “on hold” email, the condition of bargin has changed, and it's well known that this kind of things happen often in such a situation.

Let's look back to his first annoucement from the second one, if you know changes happen oftem, how can you make a determination before/at the GIS and even before(-1 month from the GIS date).

The decision of layoff is different from other decisions — it's almost imposible to undo layoff, such a decision of layoff can't be passed unless all agreed together, 1/3 cut off shapes GDNT very much, it deserves much attention before the decision is finally made, every possiblity should have been considered properly.

Another fact, most of GDNT stuffs were happy about the layoff since they supposed they would get compensation and leave from the company in shaking, David should know this. There is actually no any risk for managers to send notifications without words of “layoff”, but David remaindered them not to do so, why?

If manager said words of layoff in the emial, the layoff happened in law, any cancellation would invalide. But if the mail says, let's go for the meeting with HR manager next morning, and I suppose every of you know what the meeting is for, you can easily make a cancellation. This makes the life of empolyees who are in the layoff list more rocky, thus they would leave from the company without any compensation.

Now, let's say David saw situations of layoff was changing to “not to lay off” when he sent email to manager asking them to organize layoff, so he had to avoid words of layoff – just in case it needs to be revoked. But he could easily postpond layoff for several days waiting for a clear picture. In fact, the time between he sent HR meeting inviation to the layoff cancellation notification was just 12 hours(9:30 PM to 9:30 AM). David can't forcast what will happen to big things like 400 layoffs and try to de-risk it by just postpond it for a little bit of time such as 24 hours?…..

an immersive environment that you must see to believe.
…empty cubicles, unlit halls, darkened break rooms – unbelievable.

what have you heard about it?

I am not trying to defend this (it is indefensible), just explain it and emphasize that this is pretty typical Nortel.

Obviously the right thing to do once the layoffs had been announced would be either to go through with them or offer (possibly select) employee the option of continuing employment.
However if Nortel had that sort of leadership (i.e. one's that actually made decisions), we wouldn't be having this discussion as Nortel would not be broke.

I am not familiar with the particulars of the GDNT layoffs but what you describe is pretty typical of Nortel management.

As a long term Nortel employee, I am ashamed of this sort of behaviour, but unfortunately not surprised.

I would have no doubt that this has been being discussed for 6 months or more involving a dozen or more VPs and Presidents. No these 'decisions' are not made quickly.

Unfortunately there is never an 'owner' of anything (this is a major reason why Nortel is bankrupt). There is not one person who can make any decision. Presumably there was the appearance of consensus, and things were announced. When the 'opposing' leaders heard about this (for what you said, likely the funding owner of LTE who were threatening to cut funding but did not have a plan of what else to do), they panicked and forced it to be rescinded.

The fact that this hurt a bunch of JCI 1-3 (whether they are in China, Canada, US or Britain or elsewhere) simply does not enter the calculus.

THE PLAN IS COMING PEOPLE, PLEASE JUST BE PATIENT AND FOCUS ON YOUR JOB. WHEN IT IS REVEALED IN ITS MAJESTIC BEAUTY AND WISDOM, YOU WILL BE ASHAMED THAT YOU EVER DOUBTED THE Z MAN FOR EVEN A SECOND. NOW THAT MIKE HAS HIS EXTENSION, HE WILL BE BEGIN APPLYING IT VIGOROUSLY TO ALL THE NORTEL STAFF AND CREDITORS WORLD-WIDE.