By Jon Bernstein, 14 May 2002 10:28
NEWS Nortel Networks, the loss-making telecoms equipment maker, yesterday announced plans to sell off assets and convert debts into equity in a bid to raise $2.5bn. In a comparable move, cable operator NTL recently converted its billion dollar debt into equity. The markets - who have already downgraded Nortel's debt to "junk" - did not react well to the news, slicing 9 per cent of the company's share price. Last month the company announced a further 4,000 job losses.
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