Nortel denies plans to escape Chapter 11 by mid-year
Nortel's chief executive reportedly claimed the firm was planning to exit bankruptcy protection by mid-year, just six months after filing for it.
Nortel Networks has denied it is hoping to exit bankruptcy protection by the middle of this year, after its chief executive was quoting as laying out such plans.
Canadian Nortel filed for Chapter 11 bankruptcy protection in January, continuing the troubled tech firm's long downfall.
Chief executive Mike Zafirovski reportedly told the Financial Times that Nortel hopes to finish its reorganisation plan over the next few weeks for board approval next month, with the entire process finished by the end of April or May. After that, the firm needs to go to the courts to apply to emerge from Chapter 11 bankruptcy protection.
He told the paper: "Time is the enemy for us."
However, Reuters is now reporting that no such plans are in place. "Nortel is not providing any guidance on timing of emergence, but hopes to have a business plan in place by May that can be shared with employees and the public - pending further discussions with the creditors," company spokesman Mohammed Nakhooda told Reuters.
Nortel recently ditched WiMax in favour of Long Term Evolution (LTE) as its next generation wireless tech of choice.
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