TORONTO-With a view to better financial flexibility, Nortel Networks said it will terminate its $1.8 billion in undrawn credit that expires in April next year. The wireless vendor said it will try to secure new support from a number of banks as well as Export Development Canada.
“We continue to focus on cash management and expect to have a cash balance in excess of $3 billion at the end of 2002,” said Chief Financial Officer Doug Beatty in a press release.
