Roth vows Nortel will return to profitability
Nortel Networks CEO John Roth says the company is cutting costs and restructuring to align with lower industry spending. He pledges the firm will be profitable before his departure in April 2002, noting the prior telecom spending bubble was unsustainable and that further expense cuts are planned beyond the $3.5 billion already identified.
MENTIONED IN THIS ARTICLE
Toronto
Nortel Networks
John Roth
Nortel
Roth
360networks stock hits new low after missing interest payment
Vancouver based 360networks Inc missed an 11 million US interest payment and has 30 days to cure or face bond default. Shares fell to 41 cents on the TSX before bouncing to 45 cents while Nasdaq trading showed 29 cents. Moody's downgrade and a $2.5 billion US debt load weigh on a sector slowed by telecom spending.
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