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Nortel Networks lands Portugal contract

Published on .

Lisbon, Portugal--Nortel Networks Corp., which warned last week of a $19.2 billion second-quarter loss, landed a contract to supply advanced wireless Internet equipment to Portugal. Terms of the cash deal were not disclosed, but the contract should give a much-needed jolt to the Canadian company's cash flow as U.S. agencies warn that they may cut Nortel's credit rating. The Portugal deal comes three months after China Mobile, the largest wireless carrier in China, awarded Nortel new contracts worth an estimated $105 million, to provide wireless operations in several Chinese provinces.
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