北电（NT）在02熊市的时候就一度传言要破产，后来勉强挺过来了（通过做假账的方式，后来--前两年数次被SEC要求restatement），CEO换了N个，最终在本次金融危机面前宣布申请破产保护，因为明天高达107m的债务，北电无钱可付。

北电的破产申请，对于北电本身而言意义已经不是太大，但是由于北电这个加拿大曾经的最大的公司，其creditor债权人的名单JPM，C，RBC，CIBC可是赫然在目，这些金融股本来就在挣扎之中，现在北电的破产无异于雪上加霜。

02熊市大底之前的最后一根稻草也是worldcom公司宣布破产（ENRON在之前），市场在极度脆弱的情况下被打压到极致。

11.21的底部以来市场在商品能源和基础材料的强势反弹至下一路走高，迎来新年的开门红；但是在这一过程中金融板块始终低迷，很多银行股都迭创新低譬如巴菲特重仓的WFC，表明市场主力对于后市的小心翼翼。现在NT的破产申请，将会令市场重新回到下降轨道，因为金融板块继续预期会有更多的企业申请破产（譬如今年的零售行业将遭受严重打击），银行股在次贷危机的冲击下尚没有喘息的机会，又要遭受巨额商业贷款遭受灭顶之灾的打击（NT本次每个大债权人面临的是高达half billion的贷款，又有Citi group---每次都有他而且都是大头，从ENRON到次贷到北电）；而商品能源及基础材料在强势反弹之后技术上本身要求回落的前提下，大市没有再涨的理由，今年市场将再创新低。（还有CIBC吧，好事它全不干，坏事全跑不了它。）
OTTAWA: Nortel Networks, the telecommunications company, filed for bankruptcy protection in Canada and the United States on Wednesday.

The move was accompanied by promises of yet another restructuring. Nortel has struggled to recover from the collapse of technology stocks early in the decade as well as an accounting scandal that led to criminal charges against its former management.

Nortel's board unanimously approved the bankruptcy filing at a meeting in Toronto on Tuesday night. It appears to be an attempt to avoid $107 million in interest payments that are due on Thursday. That amount equals about 5 percent of the company's rapidly depleting cash reserves.

"Nortel must be put on a sound financial footing once and for all," the president and chief executive, Mike Zafirovski, said in a statement issued shortly after the company submitted its Chapter 11 filing in Delaware. "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."

Since the beginning of the decade, Nortel has started a series of restructurings that have included 16 rounds of layoffs.

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Some analysts, however, question whether the company will be able to persuade its creditors and the courts that it now has a formula for success, raising the prospect that its operations might be broken up or the company liquidated.

Investors had little apparent faith in the company whose shares once reached 123.10 Canadian dollars on the Toronto Stock Exchange. Adjusted for a 10 to 1 consolidation, they closed at just under 4 Canadian cents on Tuesday.

A further ominous sign for the company is its apparent inability to sell a business unit that makes Internet-related equipment, which Nortel put up for sale in September.

In November, Nortel announced a third-quarter loss of $3.4 billion, much of that related to write-downs in the value of several operating units.

The bankruptcy filing will also make it more difficult for Nortel to close sales in an already difficult market. Neither telecommunications companies nor large corporations, which Zafirovski had targeted as Nortel's great hope for future sales, are likely to trust their communications systems to a company with an uncertain future.

The government of Canada has offered Nortel some support. Export Development Canada, a government-owned bank and insurer, has agreed to provide the company with up to $30 million in loans for the next 30 days. Nortel said in its statement that it is negotiating a longer-term arrangement.

About 6,000 of Nortel's 26,000 remaining employees are based in Canada, many at its research labs in Ottawa. But it is unclear how far the Canadian government is willing to support the company. Unlike, say, automakers, it is possible that Nortel may shift many of its jobs now in Canada to low labor cost markets such as India and China.

In its early restructurings, Nortel sold or closed it manufacturing operations and outsourced production. Nortel said it had an agreement with Flextronics, its crucial contract manufacturer, to continue supplying its operations until July. That deal, however, must be approved by a court in Toronto.

nt 是最垃圾的公司。早死早投胎


[quote name='小鹏']北电（NT）在02熊市的时候就一度传言要破产，后来勉强挺过来了（通过做假账的方式，后来--前两年数次被SEC要求restatement），CEO换了N个，最终在本次金融危机面前宣布申请破产保护，因为明天高达107m的债务，北电无钱可付。

北电的破产申请，对于北电本身而言意义已经不是太大，但是由于北电这个加拿大曾经的最大的公司，其creditor债权人的名单JPM，C，RBC，CIBC可是赫然在目，这些金融股本来就在挣扎之中，现在北电的破产无异于雪上加霜。

02熊市大底之前的最后一根稻草也是worldcom公司宣布破产（ENRON在之前），市场在极度脆弱的情况下被打压到极致。

11.21的底部以来市场在商品能源和基础材料的强势反弹至下一路走高，迎来新年的开门红；但是在这一过程中金融板块始终低迷，很多银行股都迭创新低譬如巴菲特重仓的WFC，表明市场主力对于后市的小心翼翼。现在NT的破产申请，将会令市场重新回到下降轨道，因为金融板块继续预期会有更多的企业申请破产（譬如今年的零售行业将遭受严重打击），银行股在次贷危机的冲击下尚没有喘息的机会，又要遭受巨额商业贷款遭受灭顶之灾的打击（NT本次每个大债权人面临的是高达half billion的贷款，又有Citi group---每次都有他而且都是大头，从ENRON到次贷到北电）；而商品能源及基础材料在强势反弹之后技术上本身要求回落的前提下，大市没有再涨的理由，今年市场将再创新低。（还有CIBC吧，好事它全不干，坏事全跑不了它。）
OTTAWA: Nortel Networks, the telecommunications company, filed for bankruptcy protection in Canada and the United States on Wednesday.

The move was accompanied by promises of yet another restructuring. Nortel has struggled to recover from the collapse of technology stocks early in the decade as well as an accounting scandal that led to criminal charges against its former management.

Nortel's board unanimously approved the bankruptcy filing at a meeting in Toronto on Tuesday night. It appears to be an attempt to avoid $107 million in interest payments that are due on Thursday. That amount equals about 5 percent of the company's rapidly depleting cash reserves.

"Nortel must be put on a sound financial footing once and for all," the president and chief executive, Mike Zafirovski, said in a statement issued shortly after the company submitted its Chapter 11 filing in Delaware. "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."

Since the beginning of the decade, Nortel has started a series of restructurings that have included 16 rounds of layoffs.

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Prado and Google bring masterpieces to Web

Intel shifts image advertising to a smaller agency
Some analysts, however, question whether the company will be able to persuade its creditors and the courts that it now has a formula for success, raising the prospect that its operations might be broken up or the company liquidated.

Investors had little apparent faith in the company whose shares once reached 123.10 Canadian dollars on the Toronto Stock Exchange. Adjusted for a 10 to 1 consolidation, they closed at just under 4 Canadian cents on Tuesday.

A further ominous sign for the company is its apparent inability to sell a business unit that makes Internet-related equipment, which Nortel put up for sale in September.

In November, Nortel announced a third-quarter loss of $3.4 billion, much of that related to write-downs in the value of several operating units.

The bankruptcy filing will also make it more difficult for Nortel to close sales in an already difficult market. Neither telecommunications companies nor large corporations, which Zafirovski had targeted as Nortel's great hope for future sales, are likely to trust their communications systems to a company with an uncertain future.

The government of Canada has offered Nortel some support. Export Development Canada, a government-owned bank and insurer, has agreed to provide the company with up to $30 million in loans for the next 30 days. Nortel said in its statement that it is negotiating a longer-term arrangement.

About 6,000 of Nortel's 26,000 remaining employees are based in Canada, many at its research labs in Ottawa. But it is unclear how far the Canadian government is willing to support the company. Unlike, say, automakers, it is possible that Nortel may shift many of its jobs now in Canada to low labor cost markets such as India and China.

In its early restructurings, Nortel sold or closed it manufacturing operations and outsourced production. Nortel said it had an agreement with Flextronics, its crucial contract manufacturer, to continue supplying its operations until July. That deal, however, must be approved by a court in Toronto.[/QUOTE]