Nortel Alums Mull Buying Company, Keeping It Intact

Several former Nortel execs say they have a plan to buy the bankrupt company and essentially keep it intact.

Former president Robert Ferchat, retired vice-president David Mann and former chief marketing officer Ian Craig are among those who will make a bid to buy the once-proud Canadian telecommunications giant.

Ferchat tells the Ottawa Citizen that if he and his former colleagues are successful in buying Nortel, it would remain under Canadian control and would stay intact, more or less. Ferchat wants Nortel to help build a national high speed Internet network with financing assistance from the Canadian government.

The proposed buyer group has already met with some leaders in a handful of federal agencies. But don’t expect the sale to come easy. Ferchat wants to raise $1 billion (U.S.) from investment bankers.

Ferchat has already said he would fire CEO Mike Zafirovski and install a new management team. Former Nortel executives have already been notified that they could have the opportunity to return in managerial roles.