2002 Canadian Stock-Picking Challenge Message Board

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Strategies & Market Trends : 2002 Canadian Stock-Picking Challenge

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To: quasi-geezer who wrote (39)	7/5/2002 9:19:22 AM
From: Al Collard	Read Replies (1) of 1590

NT-t...in the news: NP says Nortel Networks could go bankrupt Fri 5 Jul 2002 The National Post reports in its Friday, July 5, edition that a new study says Nortel Networks' sales and operating earnings look likely to fall short of bank covenants and the company will be forced into another round of job cuts. The Post's Ian Karleff writes that Rosen & Associates analyst Mark Rosen issued a 12-page report on Nortel in partnership with Caldwell Securities Thursday detailing the predicament the telecom equipment vendor is facing, despite a recent, and highly dilutive, financing that has seen the shares pushed down to 16-year lows. "They could be faced with another spiral situation. It's really up to a recovery in the industry. There is nothing they can do to spark that. They will need a few bankruptcies in the industry among competitors to spark this," said Mr. Rosen, adding that Nortel itself could fall victim. Barring bankruptcy, Mr. Rosen concludes more job cuts or additional financing will be necessary if Nortel is to survive, as the company edges "close to the market's liquidity comfort level by the end of 2003." Legg Mason analyst Timm Bechter figures the market is already pricing Nortel stock with even odds on a bankruptcy.

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