Nortel Networks has applied for creditor protection in Canada, the U.S. and Europe, marking a new low for what was once one of Canada’s most successful technology companies and a world leader in providing network infrastructure.
In a letter posted on the company’s Web site, CEO Mike Zafirovski said Nortel is filing for creditor protection “in order to undertake a comprehensive business and financial restructuring.”
Zafirovski believes he is taking the right steps toward a solution for Nortel’s future so that it can be once again financially sound.
But can Zafirovski be believed?
CDN Editor Paolo Del Nibletto and Network World Canada Editor Greg Meckbach review Nortel’s predicament and debate whether the company can sustain itself long term, or if this is the beginning of the end, in this video feature.