<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center"><FONT size="2"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</FONT>

<P align="center"><HR width="25%" size="1" noshade>

<P align="center"><FONT size="2"><B>Washington, D.C. 20549</B>
</FONT>

<P>&nbsp;

<P align="center"><FONT size="2"><B>FORM 8-K</B><BR>
<HR width="9%" size="1"></FONT>

<P>&nbsp;

<P align="center"><FONT size="2"><B>CURRENT REPORT</B><BR>
<HR width="16%" size="1"></FONT>

<P align="center"><FONT size="2"><B>Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</FONT>

<P>&nbsp;

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR>
        <TD align="center" valign="top"><FONT size="2">May&nbsp;13, 2002<BR>
<HR  width="30%" size="1" noshade>
(date of earliest event reported)</FONT></TD>
</TR>
</TABLE>
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<P>&nbsp;

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">NORTEL
NETWORKS LIMITED</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR>
        <TD align="center" valign="top"><HR width="55%" size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">(Exact name of registrant as specified in its charter)</FONT></TD>
</TR>
</TABLE>
</CENTER>


<P>&nbsp;

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
        <TD width="34%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="28%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="28%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1"><B>CANADA</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>000-30758</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>62-12-62580</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR width="65%" size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR width="65%" size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR width="65%" size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">(State or other jurisdiction<BR>
of incorporation)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
(Commission<BR>
File Number)
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">(IRS Employer<BR>
Identification No.)</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P>&nbsp;

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="51%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="44%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1"><B>8200 Dixie Road, Suite 100, Brampton, Ontario, Canada</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>L6T 5P6</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR width="75%" size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR width="55%" size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">(address of principal executive offices)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
(Zip code)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">Registrant&#146;s telephone number, including area code (905)&nbsp;863-0000.
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2"><B>Item&nbsp;5. Other Events</B>
</FONT>

<P><FONT size="2">On May&nbsp;13, 2002, the Registrant announced that, in connection with the various
liens, pledges, and guarantees which became effective on April&nbsp;4, 2002 under
certain credit and security agreements entered into by the Registrant and
various of the Registrant&#146;s subsidiaries, following Moody&#146;s Investors Services,
Inc.&#146;s lowering of the Registrant&#146;s United States senior long-term debt rating
below investment grade to Ba3, the Registrant intends to file: (i)&nbsp;audited
consolidated financial statements of the Registrant for the three years ended
December&nbsp;31, 2001; and (ii)&nbsp;audited financial statements of Nortel Networks
S.A. (&#147;NNSA&#148;), a subsidiary of the Registrant, for the three years ended
December&nbsp;31, 2001. The historical consolidated financial statements of the
Registrant have been supplemented in accordance with Rule&nbsp;3-10 of Regulation
S-X under the Securities Act of 1933 to include certain supplemental
consolidating financial data, illustrating, in separate columns, the
composition of (i)&nbsp;the Registrant, (ii)&nbsp;certain wholly-owned subsidiaries of
the Registrant which have guaranteed the Registrant&#146;s obligations under certain
credit agreements and outstanding public debt securities, (iii)&nbsp;either
wholly-owned subsidiaries of the Registrant whose shares have been pledged or
the remaining subsidiaries of the Registrant which are not providing liens,
pledges, or guarantees, (iv)&nbsp;eliminations, and (v)&nbsp;the consolidated total.
Other than the inclusion of such supplemental financial disclosure and
disclosure related to certain events that occurred subsequent to the filing of
the original historical audited consolidated financial statements, the Registrant&#146;s
historical audited consolidated financial statements remain unchanged. Such
financial statements of the Registrant are attached to this Form&nbsp;8-K as Exhibit
99.1 and are incorporated herein by reference. The financial statements of
NNSA are being filed in accordance with Rule&nbsp;3-16 of Regulation&nbsp;S-X under the
Securities Act of 1933 as a result of the pledge of NNSA shares being provided
under such credit and security agreements. Such financial statements of NNSA
are attached to this Form&nbsp;8-K as Exhibit&nbsp;99.2 and are incorporated herein by
reference. The consolidated financial statements of the Registrant included in
this Current Report on Form&nbsp;8-K supercede the historical consolidated financial
statements included in the Registrant&#146;s Annual Report on Form&nbsp;10-K for the
fiscal year ended December&nbsp;31, 2001, filed on March&nbsp;11, 2002.
</FONT>
<P><FONT size="2">On May&nbsp;13, 2002, the Registrant announced that it and Nortel Networks
Corporation intend to file a shelf registration statement on Form&nbsp;S-3 with the
United States Securities and Exchange Commission and a preliminary base shelf
prospectus with the securities regulatory authorities in the provinces and
territories of Canada, with respect to an aggregate of US$2.5&nbsp;billion of
various securities. If such shelf registration statement and preliminary base
shelf prospectus are approved by the applicable securities regulatory
authorities, Nortel Networks Corporation may be able to offer for sale, by
prospectus supplement, common shares, preferred shares, debt securities,
guarantees of debt securities, warrants to purchase equity or debt securities,
share purchase contracts, and share purchase or equity units (subject to
certain approvals), and the Registrant may be able to offer for sale, by
prospectus supplement, debt securities guaranteed by Nortel Networks
Corporation. The press release of Nortel Networks Corporation relating to such
filings is attached to this Form&nbsp;8-K as Exhibit&nbsp;99.8 and is incorporated herein
by reference.
</FONT>
<P><FONT size="2">In addition, on May&nbsp;13, 2002, the Registrant announced that it and Nortel
Networks Capital Corporation, a wholly owned indirect finance subsidiary of the
Registrant, intend to withdraw their existing U.S. shelf registration statement
currently pertaining to an aggregate of up to US$1.0&nbsp;billion of debt securities
and warrants to purchase debt securities.
</FONT>
<P><FONT size="2">Certain information incorporated by reference into the Canadian preliminary
base shelf prospectus, including certain historical consolidated financial
statements of the Registrant prepared in accordance with Canadian generally
accepted accounting principles, is attached hereto as Exhibits 99.3, 99.4,
99.5, 99.6, and 99.7 for purposes of incorporation by reference herein and into
the shelf registration statement on Form&nbsp;S-3.
</FONT>
<P><FONT size="2">Nortel Networks Corporation owns all of the Registrant&#146;s common shares and the
Registrant is Nortel Networks Corporation&#146;s principal direct operating
subsidiary.
</FONT>
<P align="center"><FONT size="2">2</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2"><B>Item&nbsp;7. Financial Statements, Pro Forma Financial Information and Exhibits</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Exhibits.</FONT></TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="94%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Deloitte &#038; Touche LLP regarding Exhibit&nbsp;99.1.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Deloitte Touche Tohmatsu regarding Exhibit&nbsp;99.2.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Deloitte &#038; Touche LLP regarding Exhibit&nbsp;99.3.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">99.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Audited Consolidated Financial Statements and the notes thereto
of the Registrant, prepared in accordance with United States generally
accepted accounting principles, for the three years ended December&nbsp;31,
2001. The independent auditors&#146; report with respect to these
Consolidated Financial Statements is dated as of February&nbsp;1, 2002,
except as to notes 18 and 19, which are as of April&nbsp;21, 2002.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">99.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Audited Financial Statements and the notes thereto of Nortel
Networks S.A., prepared in accordance with United States generally
accepted accounting principles, for the three years ended December&nbsp;31,
2001. The independent auditors&#146; report with respect to these
Financial Statements is dated as of May&nbsp;7, 2002.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">99.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Audited Consolidated Financial Statements and notes thereto of
the Registrant, prepared in accordance with Canadian generally
accepted accounting principles, for the three years ended December&nbsp;31,
2001. The independent auditors&#146; report with respect to these
Consolidated Financial Statements is dated as of February&nbsp;1, 2002</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">99.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations &#151; Canadian (GAAP)&nbsp;Supplement for the three years
ended December&nbsp;31, 2001.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">99.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations &#151; Canadian (GAAP)&nbsp;Supplement of the Registrant
for the three month period ended March&nbsp;31, 2002.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">99.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Annual Filing of Reporting Issuer of the Registrant dated April
29, 2002.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">99.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Material Change Report of the Registrant dated April&nbsp;12, 2002
relating to: (i)&nbsp;Nortel Networks Corporation&#146;s response on April&nbsp;4,
2002 to the announcement that Moody&#146;s Investors Services, Inc.
(&#147;Moody&#146;s) downgraded the credit ratings of Nortel Networks
Corporation and certain of its subsidiaries to below investment grade,
and that as a result of Moody&#146;s ratings downgrade, various liens,
pledges and guarantees became effective under certain credit and
security agreements entered into by the Registrant and Nortel Networks
Inc. (collectively, &#147;Nortel Networks&#148;), and various direct and
indirect subsidiaries of the Registrant; (ii)&nbsp;Nortel Networks
Corporation&#146;s announcement on April&nbsp;9, 2002 of: (A)&nbsp;its expected
business performance for the first quarter of 2002; and (B)&nbsp;Nortel
Networks notice to its banks that Nortel Networks would fully draw on
its April 2001 U.S.$1.75&nbsp;billion bank facilities and planned to
exercise its one year term loan option to obtain an additional year of
liquidity under the facilities; and (iii)&nbsp;Nortel Networks
Corporation&#146;s announcement on April&nbsp;10, 2002 that: (A)&nbsp;Nortel Networks
amended and extended its April 2001 364-day revolving bank credit
facilities for an additional 364&nbsp;days; and (B)&nbsp;Nortel Networks planned
to repay the drawn amount later on April&nbsp;10, 2002.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">99.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Press Release dated May&nbsp;13, 2002.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">3</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P><FONT size="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">NORTEL NETWORKS LIMITED</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">By:  /s/ Douglas C. Beatty<BR>
</FONT><HR align="left" width="65%" size="1" noshade><FONT size="2">
Douglas C. Beatty<BR>
Controller</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">By: /s/ Blair F. Morrison<BR>
</FONT><HR align="left" width="65%" size="1" noshade><FONT size="2">
Blair F. Morrison<BR>
Assistant Secretary</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">Dated: May&nbsp;13, 2002
</FONT>

<P align="center"><FONT size="2">4</FONT>



</BODY>
</HTML>
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Form 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
May 13, 2002
(date of earliest event reported)
NORTEL
NETWORKS LIMITED
(Exact name of registrant as specified in its charter)
CANADA
000-30758
62-12-62580
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
8200 Dixie Road, Suite 100, Brampton, Ontario, Canada
L6T 5P6
(address of principal executive offices)
(Zip code)
Registrant's telephone number, including area code (905) 863-0000.
Item 5. Other Events
On May 13, 2002, the Registrant announced that, in connection with the various
liens, pledges, and guarantees which became effective on April 4, 2002 under
certain credit and security agreements entered into by the Registrant and
various of the Registrant's subsidiaries, following Moody's Investors Services,
Inc.'s lowering of the Registrant's United States senior long-term debt rating
below investment grade to Ba3, the Registrant intends to file: (i) audited
consolidated financial statements of the Registrant for the three years ended
December 31, 2001; and (ii) audited financial statements of Nortel Networks
S.A. ("NNSA"), a subsidiary of the Registrant, for the three years ended
December 31, 2001. The historical consolidated financial statements of the
Registrant have been supplemented in accordance with Rule 3-10 of Regulation
S-X under the Securities Act of 1933 to include certain supplemental
consolidating financial data, illustrating, in separate columns, the
composition of (i) the Registrant, (ii) certain wholly-owned subsidiaries of
the Registrant which have guaranteed the Registrant's obligations under certain
credit agreements and outstanding public debt securities, (iii) either
wholly-owned subsidiaries of the Registrant whose shares have been pledged or
the remaining subsidiaries of the Registrant which are not providing liens,
pledges, or guarantees, (iv) eliminations, and (v) the consolidated total.
Other than the inclusion of such supplemental financial disclosure and
disclosure related to certain events that occurred subsequent to the filing of
the original historical audited consolidated financial statements, the Registrant's
historical audited consolidated financial statements remain unchanged. Such
financial statements of the Registrant are attached to this Form 8-K as Exhibit
99.1 and are incorporated herein by reference. The financial statements of
NNSA are being filed in accordance with Rule 3-16 of Regulation S-X under the
Securities Act of 1933 as a result of the pledge of NNSA shares being provided
under such credit and security agreements. Such financial statements of NNSA
are attached to this Form 8-K as Exhibit 99.2 and are incorporated herein by
reference. The consolidated financial statements of the Registrant included in
this Current Report on Form 8-K supercede the historical consolidated financial
statements included in the Registrant's Annual Report on Form 10-K for the
fiscal year ended December 31, 2001, filed on March 11, 2002.
On May 13, 2002, the Registrant announced that it and Nortel Networks
Corporation intend to file a shelf registration statement on Form S-3 with the
United States Securities and Exchange Commission and a preliminary base shelf
prospectus with the securities regulatory authorities in the provinces and
territories of Canada, with respect to an aggregate of US$2.5 billion of
various securities. If such shelf registration statement and preliminary base
shelf prospectus are approved by the applicable securities regulatory
authorities, Nortel Networks Corporation may be able to offer for sale, by
prospectus supplement, common shares, preferred shares, debt securities,
guarantees of debt securities, warrants to purchase equity or debt securities,
share purchase contracts, and share purchase or equity units (subject to
certain approvals), and the Registrant may be able to offer for sale, by
prospectus supplement, debt securities guaranteed by Nortel Networks
Corporation. The press release of Nortel Networks Corporation relating to such
filings is attached to this Form 8-K as Exhibit 99.8 and is incorporated herein
by reference.
In addition, on May 13, 2002, the Registrant announced that it and Nortel
Networks Capital Corporation, a wholly owned indirect finance subsidiary of the
Registrant, intend to withdraw their existing U.S. shelf registration statement
currently pertaining to an aggregate of up to US$1.0 billion of debt securities
and warrants to purchase debt securities.
Certain information incorporated by reference into the Canadian preliminary
base shelf prospectus, including certain historical consolidated financial
statements of the Registrant prepared in accordance with Canadian generally
accepted accounting principles, is attached hereto as Exhibits 99.3, 99.4,
99.5, 99.6, and 99.7 for purposes of incorporation by reference herein and into
the shelf registration statement on Form S-3.
Nortel Networks Corporation owns all of the Registrant's common shares and the
Registrant is Nortel Networks Corporation's principal direct operating
subsidiary.
2
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c)
Exhibits.
23.1
Consent of Deloitte & Touche LLP regarding Exhibit 99.1.
23.2
Consent of Deloitte Touche Tohmatsu regarding Exhibit 99.2.
23.3
Consent of Deloitte & Touche LLP regarding Exhibit 99.3.
99.1
Audited Consolidated Financial Statements and the notes thereto
of the Registrant, prepared in accordance with United States generally
accepted accounting principles, for the three years ended December 31,
2001. The independent auditors' report with respect to these
Consolidated Financial Statements is dated as of February 1, 2002,
except as to notes 18 and 19, which are as of April 21, 2002.
99.2
Audited Financial Statements and the notes thereto of Nortel
Networks S.A., prepared in accordance with United States generally
accepted accounting principles, for the three years ended December 31,
2001. The independent auditors' report with respect to these
Financial Statements is dated as of May 7, 2002.
99.3
Audited Consolidated Financial Statements and notes thereto of
the Registrant, prepared in accordance with Canadian generally
accepted accounting principles, for the three years ended December 31,
2001. The independent auditors' report with respect to these
Consolidated Financial Statements is dated as of February 1, 2002
99.4
Management's Discussion and Analysis of Financial Condition and
Results of Operations — Canadian (GAAP) Supplement for the three years
ended December 31, 2001.
99.5
Management's Discussion and Analysis of Financial Condition and
Results of Operations — Canadian (GAAP) Supplement of the Registrant
for the three month period ended March 31, 2002.
99.6
Annual Filing of Reporting Issuer of the Registrant dated April
29, 2002.
99.7
Material Change Report of the Registrant dated April 12, 2002
relating to: (i) Nortel Networks Corporation's response on April 4,
2002 to the announcement that Moody's Investors Services, Inc.
("Moody's) downgraded the credit ratings of Nortel Networks
Corporation and certain of its subsidiaries to below investment grade,
and that as a result of Moody's ratings downgrade, various liens,
pledges and guarantees became effective under certain credit and
security agreements entered into by the Registrant and Nortel Networks
Inc. (collectively, "Nortel Networks"), and various direct and
indirect subsidiaries of the Registrant; (ii) Nortel Networks
Corporation's announcement on April 9, 2002 of: (A) its expected
business performance for the first quarter of 2002; and (B) Nortel
Networks notice to its banks that Nortel Networks would fully draw on
its April 2001 U.S.$1.75 billion bank facilities and planned to
exercise its one year term loan option to obtain an additional year of
liquidity under the facilities; and (iii) Nortel Networks
Corporation's announcement on April 10, 2002 that: (A) Nortel Networks
amended and extended its April 2001 364-day revolving bank credit
facilities for an additional 364 days; and (B) Nortel Networks planned
to repay the drawn amount later on April 10, 2002.
99.8
Press Release dated May 13, 2002.
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NORTEL NETWORKS LIMITED
By:  /s/ Douglas C. Beatty
Douglas C. Beatty
Controller
By: /s/ Blair F. Morrison
Blair F. Morrison
Assistant Secretary
Dated: May 13, 2002
4