20090114/加拿大北电网络公司申请破产保护

(星星生活记者捷克佳报导)曾经的网络巨人和市场的重量级股票,北电网络(Nortel Networks Corp.)周三在美国特拉华州破产法庭申请破产保护。北电表示,公司也将在安省高等法庭和欧洲申请类似的破产保护。这是全球经济危机下第一家申请破产保护的主要科技企业。

北电网络做出此一决定是在公司即将支付1.07亿美元的债券利息的前一天。这家北美最大的电信设备制造商周二晚上在多伦多举行董事会,讨论公司的财务选择。在一份声明中表示,公司董事会一致决定申请破产保护。该公司表示,这一过程将使它能够处理其成本和债务负担,重组业务运营并收紧其战略重心。

尽管北电表示,它有约23亿美元的现金,但公司尚欠约45亿美元的美国长期债券。主要贷款银行包括摩根大通,花旗集团和加拿大皇家银行。

“北电必须建立一个良好的财政基础才能彻底解决问题。”北电总裁兼CEO迈克-扎菲罗夫斯基(Mike Zafirovski)在一份声明中说,“这些行动是必要的,使北电能够加强其核心优势,在通信行业成为高度集中和财务健全的领导者。”

“公司的正常日常行动预计将持续而不中断,”北电网络在一份新闻稿中说。然而,一些消息人士称,因为客户担心其未来,该公司已看到业务下滑明显。

北电网络在破产申请文件中称,该公司有2.5万多名债权人。文件显示,北电网络旗下的Nortel Networks Capital公司有100多名债权人。

分析家说,预期北电在申请破产保护后将会失去更多的生意。此外,该公司的供应商现在必须决定是否同北电继续做生意,以及在何种条件下。如果公司未能摆脱破产保护,有超过10亿美元的未付应收款可能永远不会得到支付。

北电在电信领域的传奇历史,可追溯到电话出现的早期。该公司成立于1895年,作为北方电器制造公司,开始为加拿大其他公司销售电话设备,并建造了首个电信网络。

在整个20世纪上半叶,该公司的电信设备业务稳步增长。北电同时还制造电报设备,并用于第一次世界大战的战场上。在上世纪50年代,北电成功开发程控电话交换机设备,该技术可用于城市间的直接电话联系。北电也是卫星技术的一个先行者,在1960年代,北电帮助建立加拿大的第一移动电话网络。

北电网络公司的财富在互联网发展之初,以及复杂的调制解调器和移动通信技术不断涌现之时可谓辉煌,在其鼎盛时期,北电公司在多伦多证券交易所的市值约占总价值近三分之一,该公司的价值也超过加拿大六间大银行联合在一起的价值。


Nortel Commences Comprehensive Business and Financial Restructuring

JANUARY 14, 2009

-Company to Utilize CCAA and Chapter 11 Processes
-Operations Expected to Continue Without Interruption
-Sufficient Cash on Hand to Fund Ongoing Operations
-Affiliates in Asia, including LG Nortel, and in the Caribbean and Latin America, and Nortel Government Solutions (NGS) to Continue in Ordinary Course of Business and Are Not Subject to These Proceedings

TORONTO – Nortel* Networks Corporation [NYSE/TSX: NT] announced that it, Nortel Networks Limited (“NNL”) and certain of its other Canadian subsidiaries will seek creditor protection under the Companies’ Creditors Arrangement Act (“CCAA”) in Canada. As well, certain of the Company’s U.S. subsidiaries, including Nortel Networks Inc. and Nortel Networks Capital Corporation, have filed voluntary petitions in the United States under Chapter 11 of the U.S. Bankruptcy Code, and certain of the Company’s EMEA** subsidiaries are expected to make consequential filings in Europe. The Company’s normal day-to-day operations are expected to continue without interruption. Nortel remains 100% focused on serving customers worldwide through continued R&D investments and support of its product portfolio to fulfill customer needs.

Nortel made this decision with the unanimous authorization of its Board of Directors after thorough consultation with its advisors and extensive consideration of all other alternatives. This process will allow Nortel to deal decisively with its cost and debt burden, to effectively restructure its operations and to narrow its strategic focus in an effective and timely manner.

The Company commenced a process to turn around and transform Nortel in late 2005, and the Company made important progress on a number of fronts. However, the global financial crisis and recession have compounded Nortel’s financial challenges and directly impacted its ability to complete this transformation. Nortel is taking this action now, with a $2.4 billion*** cash position, to preserve its liquidity and fund operations during the restructuring process.

“Nortel must be put on a sound financial footing once and for all,” said Nortel President and CEO Mike Zafirovski. “These actions are imperative so that Nortel can build on its core strengths and become the highly focused and financially sound leader in the communications industry that its people, technology and customer relationships show it ought to be. I am confident that the actions we’re announcing today will be the fastest, most effective means to translate our improved operational efficiency, double-digit productivity, focused R&D and technology leadership into long-term success. I want to reaffirm Nortel’s dedication to delivering world-class solutions and services to customers.”

The application under the CCAA will be heard later today by the Ontario Superior Court of Justice. The voluntary petitions under Chapter 11 were filed with the United States Bankruptcy Court for the District of Delaware. Nortel expects to be in a position shortly to provide an update regarding the consequential filings by certain of its EMEA subsidiaries.

The Company’s affiliates in Asia, including LG Nortel and in the Caribbean and Latin America, as well as the Nortel Government Solutions business, are not included in these proceedings and are expected to continue to operate in the ordinary course.

In addition, the Company will request the courts to impose certain restrictions on trading in the Company’s common shares and Nortel Networks Limited’s preferred shares in order to preserve valuable tax assets in the United States. Trading restrictions, if imposed, would apply immediately to investors beneficially owning at least 4.75% of (i) the outstanding common shares of Nortel Networks Corporation or (ii) any series of preferred shares of Nortel Networks Limited. For these purposes, beneficial ownership of stock will be measured in accordance with special U.S. tax rules that, among other things, apply constructive ownership concepts and take into account indirect holdings. There will be no immediate trading restrictions imposed on debt securities of the Company or its affiliates, but the Company by this press release is advising debtholders that the courts may, at the Company’s request, impose certain trading restrictions at a later date.

EDC Support Facility

NNL has entered into an agreement with Export Development Canada (“EDC”) to permit continued access by NNL to its EDC performance-related support facility (“EDC Support Facility”) for an interim period of 30 days for up to a maximum of US$30 million of support based on Nortel’s currently estimated requirements over the period. The agreement is conditioned upon receipt of certain court approvals in the CCAA proceeding granting security to EDC over the assets of the Canadian filing entities. Over the next 30 days, EDC and Nortel will continue to work together to see if a longer term arrangement, acceptable to both parties, can be reached.

Flextronics

The Company also announced that NNL has entered into an amendment to arrangements with its key supplier, Flextronics. These amendments give NNL confidence that Flextronics will continue to maintain the supply chain following commencement of the proceedings noted above. Under the terms of the amendment, NNL has agreed to purchase US$120 million of existing inventory by July 1, 2009 and to make quarterly purchases of other inventory and to terms relating to payment and pricing. The amendment is subject to Canadian court approval in connection with the CCAA proceedings noted above. Certain arrangements with Flextronics will terminate in July of 2009 as a result of the exercise by Flextronics of its termination rights under such agreement, while the other arrangements between the parties will continue in accordance with their terms, as amended.

About Nortel

Nortel is a recognized leader in delivering communications capabilities that make the promise of Business Made Simple a reality for our customers. Our next generation technologies, for both service provider and enterprise networks, support multimedia and business critical applications. Nortel’s technologies are designed to help eliminate today’s barriers to efficiency, speed and performance by simplifying networks and connecting people to the information they need, when they need it. Nortel does business in more than 150 countries around the world. For more information, visit Nortel on the Web at www.nortel.com . For the latest Nortel news, visit www.nortel.com/news .

http://www2.nortel.com/go/news_detail.jsp?cat_id=-8055&oid=100251345&locale=en-US

2 Comments

  1. jackjia (Post author)

    NORTEL CHRONOLOGY

    Key dates in the history of Nortel Networks, which filed for bankruptcy protection from creditors Wednesday:

    1882: Nortel business starts through predecessor companies.

    1977: Incorporated in Canada as Northern Electric Co.. Ltd. Later changes name to Nortel Networks

    2000:

    July 26: Stock (TSX: NT) peaks at all-time high of $124.50, which would be the equivalent of $1,245 in today’s terms following a stock consolidation. Shares were worth just 39 cents before bankruptcy filing on Jan. 14, 2009.

    Oct. 24: Stock has first of what would become many major tumbles, falling the equivalent of $246 in today’s terms ($24.60 before the split) after revenue growth missed company target.

    Nov. 1: Career Nortel employee Frank Dunn promoted from chief financial officer to succeed John Roth as chief executive officer.

    2002:

    A series of workforce cuts reduces the labour force, over 90,000 at its peak in 2000, to 35,000, amid heavy losses and repeated warnings that revenue will miss expectations. Nortel stock hits what would be for years an all-time low of 67 cents ($6.70 in today’s terms) in October 2002 on fears Nortel would seek bankruptcy protection.

    2003:

    Feb. 20: Dunn says Nortel is “starting to make money.”

    Oct. 23: Nortel acknowledges past accounting errors and says it will restate results, mostly upward, back to 2000.

    2004:

    Jan. 29: Announces net earnings of $732 million US for 2003 – first annual profit since 1997.

    March 10: Delays audited financials for 2003, discloses it may further restate prior results.

    April 28: Dunn fired, along with CFO Douglas Beatty, as Nortel says 2003 profit was about half what it previously reported. Former U.S. admiral Bill Owens becomes CEO.

    Aug. 16: RCMP announce criminal probe into Nortel’s accounting. Charges would be laid in 2008.

    Sept. 2: Nortel delays 2003 audited results to end of October, the first of several delays. The audited results wouldn’t be released until 2005.

    2005:

    Oct. 17: Owens announces his plans to leave as chief executive, to be replaced within a month by former Motorola executive Mike Zafirovski, the company’s current CEO.

    2006

    Feb. 8: Nortel Networks agrees to pay $2.5 billion US in cash and stock to settle shareholders’ class action lawsuit over accounting scandal.

    June 27: Restructuring announced. Nortel says it will cut 1,900 jobs and creating 800 in restructuring moves intended to improve profitability.

    2007:

    Feb. 7: Restructuring announced. Another 2,900 jobs to be cut globally in 2007 and 2008, as next step in business realignment. It also announced plan to shift 1,000 positions to lower-cost locations.

    March: U.S. Securities and Exchange Commission file civil charges against four former executives of Nortel Networks, including ex-CEO Frank Dunn. Ontario Securities Commission alleges misconduct and negligence.

    2008:

    June 19: Royal Canadian Mounted Police lay fraud charges against former Nortel CEO Frank Dunn and two other former executives of the telecommunications equipment maker.

    Nov. 10: Nortel posts a third-quarter net loss of US$3.41 billion. The company also suspended dividends on some of its preferred shares and announces 1,300 more jobs will be cut.

    Dec. 10: Nortel defends itself as “a viable partner for the long term” despite news report on debt worries. Wall Street Journal said Nortel had hired legal counsel to explore bankruptcy court protection.

    Dec. 11: Nortel says its shares may no longer qualify to be listed on the New York Stock Exchange, because they have had an average closing price below US$1 for more than 30 days.

    2009:

    Jan. 14: Nortel files for court protection from its creditors.

    The Canadian Press

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  2. jackjia (Post author)

    加政府为北电网络提供3000万加元短期资金

    搜狐IT /周三,北电网络宣布,公司正在根据公司债权人安排法(CCAA)向加拿大安大略省高级法院申请法院监督下的重组。为此,加拿大工业部长托尼?克莱门发表如下声明:

    “众所周知,北电网络是通讯及信息领域的领导者,并在加拿大进行研发。申请债券人保护的决定是由该公司执行董事会做出,旨在让公司能度过难关。加拿大政府认识到电信业对国家经济的重要性。在北电进行重组的时期里,加拿大政府将通过加拿大出口发展局(EDC)继续和北电进行协作。EDC在资金不宽裕的情况下,已经同意提供总额为3000万加元(约2430万美元)的短期资金,并就北电申请破产保护后的资金问题和其他金融机构保持对话。需要特别指出的是,北电正在做的是根据公司债权人安排法(CCAA)申请法院监督下的重组,而不是破产。北电已经表示,希望能通过重组尽一切努力度过难关。我们将密切关注其进展。”

    根据公司债权人安排法(CCAA),申请债权人保护的公司将在法院监管下进行公司重组,旨在让公司经过重组后能做为有效经济实体,继续进行经济活动。

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