...from ECA-Watch Newsletter
(ITProPortal.com, UK, 14 January 2009) In a statement to AFP, Canadian Industry Minister Tony Clement confirmed that Export Development Canada will provide Nortel with up to 30 million Canadian dollars (£16.5 million) in short term financing and encourage other financial institutions to open channels of communication with Nortel which filed for bankruptcy protection to stave off its international creditors and preserve up to $2.4 billion in cash.
| The potential demise of the official Network Infrastructure Partner for the London 2012 Olympic Games could provide a glimmer of hope for other players in the market - Alcatel-Lucent, Cisco, Ericsson, Nokia, Juniper Networks - as they all get ready to fill Nortel's shoes. |
The industry minister also stressed that the company was not insolvent but was filing for "Canadian court-supervised restructuring". The Chapter 11 protection comes only a few hours before a deadline for a $107million US interest payment on a $4.5 billion debt contracted by the company.
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