BARCELONA - Nortel Networks Corp
The Toronto-based telecom equipment maker filed for bankruptcy protection in Canada and the United States last month, blaming the economic crisis for derailing a turnaround effort that began in 2005. We are focused now on moving through this process as quickly as possible, Bruce Gustafson, vice president for strategic marketing in the carrier networks unit, said in an interview on the sidelines of the Mobile World Congress trade show in Barcelona.
Next thing you are going to hear from us will be the definition of how this company will look, where we will focus. Obviously, we are still optimistic about products we are showing... we have a great position in wireless, he said.
Last week a Canadian court agreed to a three-month extension to bankruptcy protection proceedings.
Since then, Gustafson said, Nortel had won new orders, but he did not elaborate.
Nortel had about $2.4 billion in cash when it sought court shelter from its creditors and about $4.5 billion in long-term debt, according to court documents.
In January, Nortel said it would exit the WiMax business, and Scott Wickware, head of the unit said he was focusing on handing over existing business relations with around 10 clients and ending some projects.
The plan is to get it down as quickly as possible, Certainly be the end of the second quarter, but I am aiming to get it done in May, Wickware said.
(Reporting by Tarmo Virki; Editing by Hans Peters)