Tom Sweeney

It's a coming of age tale….

Archive for January 15th, 2009

Would the last one out please turn off the lights on their way out…

Posted by sweens on January 15, 2009

Firstly, let me apologize for my lack of blogging yesterday.  It was one of those days were there simply wasn’t enough hours in the day to get everything done that needed to get done.  I will try to make up for it with two posts today (time permitting).

 

Yesterday marked a low point in the Canadian economy and low for Canadian companies when former ‘technology titan’ Nortel filed for bankruptcy protection.  This move will likely see divisions of Nortel sold off to competitors in order to help cover the debt Nortel has accumulated. 

 

While Nortel isn’t bankrupt as of yet, its shares are dramatically low following a recent consolidation of shares.  Nortel is also burning through cash and has long-term debt valued at over 4 billion dollars.

nortel-13yrs-cbc

 

This move will likely see the end of Mr. Mike Zafirovski as the CEO of Nortel who has been un-able to turn Nortel around since he took over in 2005.

 

Living in a city where Nortel was and really used to be a major employer, it is disappointing to watch the effects that this bankruptcy will have on Ottawa.

 

 

 

Please check out a complete article on this news from reportonbusiness.com at – http://business.theglobeandmail.com/servlet/story/RTGAM.20090114.wnortel14/BNStory/Business/home

 

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