TORONTO—Nortel Networks said it has agreed with 27 banks to amend and extend its revolving credit facility of $1.75 billion for an additional 364 days.
“The amended agreement is the arrangement we’ve all been working toward, and I am pleased that the company and its bankers were able to come to an agreement,” said Chief Executive Frank Dunn in a statement. “We believe that our strong cash balance and undrawn bank facilities continue to provide Nortel Networks with ample liquidity.”
