Nortel Fiasco Causing Ripples

In an example of what we will be seeing a whole lot more of in the next few days, Flextronics issued a press release, claiming "it has been proactively engaged in executing a risk mitigation plan with respect to its relationship with Nortel for a period of several months. In December 2008, Flex engaged The Blackstone Group as it financial advisor to assist with evaluating the Nortel relationship and planning for any Nortel restructuring strategy." In addition, Flextronics will provide more specific financial details associated with today's news on its January 28, 2PM earnings call. We shall see just how capable Blackstone is at diarrhea containment soon enough. In the meantime we expect a line of Nortel suppliers and clients to come out with comparable press releases, many of which unfortunately will not have been as prepared as Flextronics.

Full text of press release here Sphere: Related Content

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