The Canadian Press reports the multi-million-dollar deal between Nortel and the Vancouver 2010 Winter Olympic Games is secure despite Nortel’s bankruptcy.
Vancouver 2010 and Nortel both say despite the company filing for bankruptcy, Nortel will be able to continue as supplier to the Vancouver Games.
In 2007 Nortel signed an official supplier agreement with Vancouver 2010, valued somewhere between $3 and $15 million, to supply technology infrastructure. According to the Canadian Press, Nortel says it has already delivered on most of its commitment, and the Vancouver 2010 organizing committee says the remaining pieces will fall into place by May.
Meanwhile the Globe and Mail reports the British Columbia legislature is to hold a special session before its regular sitting February 10 to deal with a request by the city of Vancouver to allow it to borrow almost $500 million for the Olympic Village.
British Columbia Premier Gordon Campbell said Wednesday, “as a government, we want to do everything we can to help and we will do it as quickly as possible. There are some significant downsides to dithering on it”.
Lawmakers will be called back to work once legislation has been drafted, giving the city power to quickly borrow the funds needed to complete the facility in time for the Games, Campbell said.
