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Nortel's CEO explains why he filed for bankruptcy

Mike Zafirovski, president and CEO of Nortel, has begun speaking to customers to explain the rationale behind yesterday's filing for bankruptcy protection.

Mike Zafirovski, president and CEO of Nortel, has begun speaking to the troubled network company's key customers to explain the rationale behind yesterday's filing for bankruptcy protection.

In a statement on the company's website, he said, "Nortel is still very much in business and our commitment to customers remains unwavering. We will continue to invest in leading edge R&D to deliver the value our customers expect from us."

As Computer Weekly has previously reported, Nortel said it would continue to provide the network infrastructure for the 2012 London Olympics, and the Olympics in 2016.

Zafirovski said the company would be looking at how to reduce its high cost structure, buthe was personally committed to customers and Nortel would continue to develop cutting-edge network infrastructure.

"I am convinced that by choosing this path at this time, we can put Nortel on sound financial footing once and for all. It will allow us to deal decisively with our cost and debt burden, restructure our business and narrow our strategic focus in an effective and timely manner."

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