Nortel Networks Corp., the telephone equipment maker that filed for bankruptcy protection today, reaffirmed its sponsorship for the 2010 Winter Olympics in Vancouver.
Nortel’s pledge to supply communications equipment for the February games is worth between C$3 million ($2.4 million) and C$15 million, according to the Vancouver Organizing Committee.
“Much of Nortel’s commitments to the games have been delivered and will be in place by May,” Ward Chapin, chief information officer for the committee, said in an e-mailed statement.
Nortel is among sponsors including General Motors Corp. and Air Canada that have been hurt by the global financial crisis, spurring concern about the Olympic budget. Vancouver organizers are expected to release a revised budget on Jan. 21.
Organizers declined to comment on the value of Nortel’s sponsorship. The range of C$3 million to C$15 million is typical for official suppliers, they said in a separate e-mail.
To contact the reporter on this story: Christopher Donville in Vancouver at cjdonville@bloomberg.net.
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