Nortel revises Q3 outlook and consolidates sharesNortel Networks Corp., once the darling of the high-tech sector, says Q3 revenues will be 15 per cent lower than the previous quarter. The company had earlier warned that revenues would be 10 per cent lower than revenues achieved in Q2. The firm also announced that it will do a reverse stock split, and is declaring a preferred share dividend. AT&T Canada to repay credit facilityAT&T Canada Inc. is planning to repay $200 million of its bank credit facility following the conclusion of the back-end transaction with AT&T Corp. The CLEC says all its remaining currency swaps have been unwound in accordance with their terms. AT&T Canada will receive about $85 million in face amount for its outstanding bonds. More details. Call-Net repurchases senior notesCall-Net Enterprises Inc. has bought US$77.5 million of its senior secured notes, which it plans to cancel. The purchase cost the CLEC US$18.8 million. The move will reduce Call-Net’s annual interest payment by US$8.2 million. More details. Group Telecom protection extendedGT Group Telecom Inc. has had its creditor protection extended yet again on both sides of the border. The Canadian operations, covered by the Companies’ Creditors Arrangement Act, carries on until November 4. The American protection runs until November 12. Shareholder sues Bell over BCIWilfred Shaw, a holder of common shares in Bell Canada International, is launching a class action suit against the telco and parent BCE Inc. He is seeking $1 billion in damages over the issuance of common shares. BCE and BCI vow to fight the suit. More details. BCI receives early payment on promissory noteBell Canada International Inc. has received US$50 million of a US$220 million promissory note from America Móvil S.A. de C.V. The note was not due until next March. The note had been issued as part of America Móvil’s purchase of BCI’s stake in Telecom Americas Ltd. More details. Bell pay equity agreement ratifiedThe proposed settlement between Bell Canada and the Canadian Telecommunications Employees’ Association has been ratified. Both sides report the agreement was approved by 75.9 per cent of those who voted. The turnout was 77.4 per cent, meaning that about 24,500 of the 29,000 eligible voters cast ballots. Bell now has to reach a deal with workers represented by the Communications, Energy and Paperworkers Union of Canada (NL, Sept. 10/02). CRTC issues interim AT and DC ratesThe CRTC has released interim rates for Access Tandem service and Direct Connection service, as well as an amendment to the original ruling - Telecom Order 2002-384-1 and - Telecom Order 2002-384. The new rates cover all nine components of the major ILECs. Final rates will be set retroactively following other commission proceedings. Welch named contribution fund administratorThe CRTC has named Welch Fund Administration Services Inc. as the administrator of the national contribution fund – Telecom Decision 2002-59. It has also endorsed a deal between Welch and the Canadian Portable Contribution Consortium Inc. (CPCC). The agreement is being kept confidential so the CPCC may negotiate favourable terms for any future administrator. PIAC-Bell still battling over party linesThe Public Interest Advocacy Centre has filed its reply to Bell Canada’s comments on a PIAC Part VII application on equipment rentals to party line subscribers. The group expresses surprise at the telco’s tone in its answer (NL, Sept. 23/02 and Aug. 27/02). It wants the commission to weigh the evidence, not the rhetoric. More details. AT&T Canada seeks access to MTS COAT&T Canada has filed a Part VII application with the CRTC seeking access to a central office of Manitoba Telecom Services Inc. The CLEC wants to be able to use the Sherbrook CO in Winnipeg until the Inkster CO is available. It is also asking for an expedited hearing. More details. Cyber stalker line establishedThe Manitoba and federal governments have set up a web site to protect children from Internet stalkers. The web site and a complementary toll-free phone number will allow people to submit tips on dangerous items like child pornography and luring. Police will analyze all material received from cybertip.ca. More details. Onlinetel reports jump in revenuesOnlinetel Corp. of Toronto says its annualized weekly revenue for the week ending September 26, 2002 was $3.6 million, up from $2.7 million in August. The company recently launched VoIP telephony services. The firm is a subsidiary of Eiger Technology Inc., also based in Toronto. More details. TigerTel to buy ultra telecomTigerTel Communications Inc. of Mississauga has signed a letter of intent to purchase all the outstanding shares of Ultra Telecom Inc. Ultra is a contact management service for several companies. The deal will be paid for through a combination of cash and common shares. More details. INTERNATIONAL NEWS@Home files suit against cablecosThe bankrupt broadband firm @Home is suing cable operators Cox Communications and Comcast, saying they profited from stock deals. The company, also known as Excite@home, claims the two cablecos sold shares in @Home to AT&T Corp. in a manner that benefited them but hurt the broadband carrier. The cable firms tell the Securities and Exchange Commission they will fight the lawsuit. More details. Sprint sells directories for $2.23 billionSprint has sold its publishing and advertising division to R.H. Donnelley for US$2.23 billion in cash. The deal involves white and yellow page directories in 18 states. The agreement should close in Q1 2003. More details.