Nortel to File its Third Quarter Results by November 16, 2009

TORONTO, ONTARIO, Nov 09 (MARKET WIRE) --
Nortel(1) Networks Corporation (OTCBB: NRTLQ) announced today that
following discussions with the Staff of the U.S. Securities and Exchange
Commission (SEC), Nortel's periodic reports, beginning with the reports
for the quarter ended September 30, 2009 (Q3 Form 10-Qs), will no longer
present combined financial statements of the Europe, Middle East and
Africa (EMEA) subsidiaries which have filed for creditor protection as
well as those entities they control (collectively, the Equity Investee)
in its consolidated financial statements. Instead, Nortel will present
the financial statements for the Equity Investee under the equity method
of accounting from the date of filing for creditor protection. This
change in presentation is not expected to affect the reported amount of
net earnings (loss), but will affect the financial statement presentation
as the financial position and results of operations of the Equity
Investee will be presented net on a single line in the balance sheet and
statement of operations, respectively.

As a result of the incremental work necessary to reflect this change in
financial statement presentation and management's discussion and
analysis, the Company filed a Form 12b-25 today with the SEC for an
extension to the prescribed filing deadline for the Q3 Form 10-Qs. Thus,
Nortel plans to file its Q3 Form 10-Qs and corresponding Canadian filings
by November 16, 2009.

About Nortel

Nortel delivers communications capabilities that make the promise of
Business Made Simple a reality for our customers. Our next-generation
technologies, for both service provider and enterprise networks, support
multimedia and business-critical applications. Nortel's technologies are
designed to help eliminate today's barriers to efficiency, speed and
performance by simplifying networks and connecting people to the
information they need, when they need it. For more information, visit
Nortel on the Web at www.nortel.com . For the latest Nortel news, visit
www.nortel.com/news.

Certain statements in this press release may contain words such as
"could", "expects", "may", "should", "will", "anticipates", "believes",
"intends", "estimates", "targets", "plans", "envisions", "seeks" and
other similar language and are considered forward-looking statements or
information under applicable securities laws. These statements are based
on Nortel's current expectations, estimates, forecasts and projections
about the operating environment, economies and markets in which Nortel
operates. These statements are subject to important assumptions, risks
and uncertainties that are difficult to predict, and the actual outcome
may be materially different. Nortel's assumptions, although considered
reasonable by Nortel at the date of this press release, may prove to be
inaccurate and consequently Nortel's actual results could differ
materially from the expectations set out herein.

Actual results or events could differ materially from those contemplated
in forward-looking statements as a result of the following: (i) risks and
uncertainties relating to Nortel's Creditor Protection Proceedings
including: (a) risks associated with Nortel's ability to: stabilize the
business and maximize the value of Nortel's businesses; obtain required
approvals and successfully consummate pending and future divestitures;
successfully conclude ongoing discussions for the sale of Nortel's other
assets or businesses; develop, obtain required approvals for, and
implement a court approved plan; resolve ongoing issues with creditors
and other third parties whose interests may differ from Nortel's;
generate cash from operations and maintain adequate cash on hand in each
of its jurisdictions to fund operations within the jurisdiction during
the Creditor Protection Proceedings; access the EDC Facility given the
current discretionary nature of the facility, or arrange for alternative
funding; if necessary, arrange for sufficient debtor-in-possession or
other financing; continue to have cash management arrangements and obtain
any further required approvals from the Canadian Monitor, the U.K. Joint
Administrators, the French Administrator, the Israeli Joint
Administrators, the U.S. Creditors' Committee, or other third parties;
raise capital to satisfy claims, including Nortel's ability to sell
assets to satisfy claims against us; maintain R&D investments; realize
full or fair value for any assets or business that are divested; utilize
net operating loss carryforwards and certain other tax attributes in the
future; avoid the substantive consolidation of NNI's assets and
liabilities with those of one or more other U.S. Debtors; attract and
retain customers or avoid reduction in, or delay or suspension of,
customer orders as a result of the uncertainty caused by the Creditor
Protection Proceedings; maintain market share, as competitors move to
capitalize on customer concerns; operate Nortel's business effectively
under the new organizational structure, and in consultation with the
Canadian Monitor the U.S. Creditors' Committee and a proposed U.S.
Officer, and work effectively with the U.K. Joint Administrators, French
Administrator and Israeli Joint Administrators in their respective
administration of the EMEA businesses subject to the Creditor Protection
Proceedings;

continue as a going concern; actively and adequately communicate on and
respond to events, media and rumors associated with the Creditor
Protection Proceedings that could adversely affect Nortel's relationships
with customers, suppliers, partners and employees; retain and incentivize
key employees and attract new employees, as may be needed; successfully
implement Nortel's new organizational structure to most effectively
continue with the sales of Nortel's businesses and complete integration
processes with acquiring companies and continue with Nortel's
restructuring activities; retain, or if necessary, replace major
suppliers on acceptable terms and avoid disruptions in Nortel's supply
chain; maintain current relationships with reseller partners, joint
venture partners and strategic alliance partners; obtain court orders or
approvals with respect to motions filed from time to time; resolve claims
made against Nortel in connection with the Creditor Protection
Proceedings for amounts not exceeding Nortel's recorded liabilities
subject to compromise; prevent third parties from obtaining court orders
or approvals that are contrary to Nortel's interests; reject, repudiate
or terminate contracts; and (b) risks and uncertainties associated with:
limitations on actions against any Debtor during the Creditor Protection
Proceedings; the values, if any, that will be prescribed pursuant to any
court approved plan to outstanding Nortel securities and, in particular,
that Nortel does not expect that any value will be prescribed to the NNC
common shares or the NNL preferred shares in any such plan; the delisting
of NNC common shares from the NYSE; and the delisting of NNC common
shares and NNL preferred shares from the TSX; and (ii) risks and
uncertainties relating to Nortel's business including: the sustained
economic downturn and volatile market conditions and resulting negative
impact on Nortel's business, results of operations and financial position
and its ability to accurately forecast its results and cash position;
cautious capital spending by customers as a result of factors including
current economic uncertainties; fluctuations in foreign currency exchange
rates;

any requirement to make larger contributions to defined benefit plans in
the future; a high level of debt, arduous or restrictive terms and
conditions related to accessing certain sources of funding; the
sufficiency of workforce and cost reduction initiatives; any negative
developments associated with Nortel's suppliers and contract
manufacturers including Nortel's reliance on certain suppliers for key
optical networking solutions components and on one supplier for most of
its manufacturing and design functions; potential penalties, damages or
cancelled customer contracts from failure to meet contractual obligations
including delivery and installation deadlines and any defects or errors
in Nortel's current or planned products; significant competition,
competitive pricing practices, industry consolidation, rapidly changing
technologies, evolving industry standards, frequent new product
introductions and short product life cycles, and other trends and
industry characteristics affecting the telecommunications industry; any
material, adverse affects on Nortel's performance if its expectations
regarding market demand for particular products prove to be wrong;
potential higher operational and financial risks associated with Nortel's
international operations; a failure to protect Nortel's intellectual
property rights; any adverse legal judgments, fines, penalties or
settlements related to any significant pending or future litigation
actions; failure to maintain integrity of Nortel's information systems;
changes in regulation of the Internet or other regulatory changes; and
Nortel's potential inability to maintain an effective risk management
strategy.

For additional information with respect to certain of these and other
factors, see Nortel's Quarterly Reports on Form 10-Q for the quarters
ended March 31, 2009 and June 30, 2009 and Annual Report on Form 10-K for
the year ended December 31, 2008 and other securities filings with the
United States Securities and Exchange Commission. Unless otherwise
required by applicable securities laws, Nortel disclaims any intention or
obligation to update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise.

(1)Nortel, the Nortel logo and the Globemark are trademarks of Nortel
Networks.

Contacts:
Nortel
Jay Barta
1-972-685-2381
jbarta@nortel.com

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