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<P align="center"><FONT size="2"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</FONT>

<P align="center"><FONT size="5"><B>FORM 8-K</B>
</FONT>

<P align="center"><FONT size="2"><B>CURRENT REPORT</B>
</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 align="center"><FONT size="2">October&nbsp;11, 2002
</FONT>
<HR width="26%" align="center" size="1" noshade>
<DIV align="center"><FONT size="2">(date of earliest event
reported)</FONT></DIV>


<P align="center"><FONT size="3">NORTEL NETWORKS LIMITED</FONT>

<HR width="45%" align="center" size="1" noshade>
<DIV align="center"><FONT size="2">(Exact name of registrant as specified in its charter)
</FONT></DIV>

<P>&nbsp;

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="30%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="18%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="22%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2">CANADA</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="2">000-30758</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="2">62-12-62580</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2">(State or other jurisdiction</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">(Commission</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">(IRS Employer</FONT></TD>
</TR>

<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2">of incorporation)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">File Number)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">Identification No.)</FONT></TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD colspan="4" align="center"><FONT size="2">8200 Dixie Road, Suite&nbsp;100, Brampton, Ontario, Canada</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">L6T&nbsp;5P6</FONT></TD>
</TR>
<TR>
        <TD colspan="4" align="center"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD colspan="4" align="center"><FONT size="2">(address of principal executive offices)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">(Zip code)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>&nbsp;
<P>&nbsp;

<P><FONT size="2">Registrant&#146;s telephone number, including area code (905)&nbsp;863-0000.
</FONT>
<P align="center"><FONT size="2"></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;5. Other Events</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;7. Financial Statements, Pro Forma Financial Information and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="t07994orexv99w1.txt">Exhibit 99.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<!-- link2 "Item&nbsp;5. Other Events" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;5.&nbsp;&nbsp;&nbsp;Other Events</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;11, 2002, Nortel Networks Corporation issued a press release stating
that in a letter from Frank Dunn, its president and chief executive officer, to
employees subsequently issued on the same date, Nortel Networks Corporation updated
employees on Nortel Networks Corporation&#146;s third quarter 2002 revenues and
Nortel Networks Corporation&#146;s progress on its drive to achieve profitability.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dunn&#146;s letter informed employees that Nortel Networks Corporation&#146;s revenues
for the third quarter of 2002 will be US$2.36&nbsp;billion, in line with previously
stated expectations, and that Nortel Networks Corporation&#146;s cash performance
continued to be strong. Dunn&#146;s letter also indicated that Nortel Networks
Corporation is in the process of positioning itself around its four key
businesses to drive a break even model (not including costs related to
acquisitions and any special charges and gains) at quarterly revenues of below
US$2.4&nbsp;billion. This break even model is expected to be in place by the second
quarter of 2003.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nortel Networks Corporation plans to release its financial results for the
third quarter of 2002 on October&nbsp;17, 2002.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the press release is attached hereto as Exhibit&nbsp;99.1 and is hereby
incorporated in its entirety by reference.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain information included in this report is forward-looking and is subject
to important risks and uncertainties. The results or events predicted in these
statements may differ materially from actual results or events. Factors which
could cause results or events to differ from current expectations include,
among other things: the severity and duration of the industry adjustment; the
sufficiency of Nortel Networks restructuring activities, including the
potential for higher actual costs to be incurred in connection with
restructuring actions compared to the estimated costs of such actions;
successful implementation of Nortel Networks new organization structure;
fluctuations in operating results and general industry, economic and market
conditions and growth rates; the ability to recruit and retain qualified
employees; fluctuations in cash flow; the level of outstanding debt and debt
ratings; the ability to meet financial covenants contained in Nortel Networks
credit agreements; the ability to make acquisitions and/or integrate the
operations and technologies of acquired businesses in an effective manner; the
impact of rapid technological and market change; the impact of price and
product competition; international growth and global economic conditions,
particularly in emerging markets and including interest rate and currency
exchange rate fluctuations; the impact of rationalization in the
telecommunications industry; the dependence on new product development; the
uncertainties of the Internet; the impact of the credit risks of Nortel
Networks customers and the impact of increased provision of customer financing
and commitments; stock market volatility; the entrance into an increased number
of supply, turnkey, and outsourcing contracts which contain delivery,
installation, and performance provisions, which, if not met, could result in
the payment of substantial penalties or liquidated damages; the ability to
obtain timely, adequate and reasonably priced component parts from suppliers
and internal manufacturing capacity; the future success of Nortel Networks
strategic alliances; and the adverse resolution of litigation. For additional
information with respect to certain of these and other factors, see the reports
filed by the Registrant and Nortel Networks Corporation with the United States
Securities and Exchange Commission. Unless otherwise required by applicable
securities laws, the Registrant and Nortel Networks Corporation disclaim any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
</FONT>
<!-- link2 "Item&nbsp;7. Financial Statements, Pro Forma Financial Information and Exhibits" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;7.&nbsp;&nbsp;&nbsp;Financial
Statements, <B><I>Pro Forma</I></B> Financial Information and Exhibits</B>
</FONT>

<P align="left"><FONT size="2">(c)&nbsp;&nbsp;&nbsp;Exhibits.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&nbsp;&nbsp;&nbsp;Press Release dated October&nbsp;11, 2002.
</FONT>
<P align="center"><FONT size="2">2</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

<P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="57%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="36%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD valign="top" colspan="3"><FONT size="2"><B>NORTEL
NETWORKS LIMITED</B></FONT></TD>
</TR>
<TR>
        <TD>&nbsp;</td>
</TR>
<TR>
        <TD>&nbsp;</td>
</TR>
<TR>
        <TD>&nbsp;</td>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
<TD valign="top" align="left"><FONT size="2">Dated:&nbsp;&nbsp;October
11, 2002</FONT></TD>
<TD valign="top" align="left"><FONT size="2">By:</FONT></TD>
        <TD>&nbsp;</TD>
<TD align="left" valign="top"><FONT size="2">/s/ Deborah J. Noble</FONT></TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
<TD valign="top"><FONT size="2"><HR noshade></FONT></TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
<TD align="left" valign="top"><FONT size="2">Deborah J. Noble</FONT></TD>
</TR>
<TR valign="bottom">
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
<TD align="left" valign="top"><FONT size="2">Corporate Secretary</FONT></TD>
</TR>

</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
        <TD>&nbsp;</TD>
<TD valign="top" align="left"><FONT size="2">&nbsp;</FONT></TD>
<TD valign="top" align="left"><FONT size="2">By:</FONT></TD>
        <TD>&nbsp;</TD>
<TD align="left" valign="top"><FONT size="2">/s/ Blair F. Morrison</FONT></TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
<TD valign="top"><FONT size="2"><HR noshade></FONT></TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
<TD align="left" valign="top"><FONT size="2">Blair F. Morrison</FONT></TD>
</TR>
<TR valign="bottom">
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
<TD align="left" valign="top"><FONT size="2">Assistant Secretary</FONT></TD>
</TR>


</TABLE>
</CENTER>





<P align="center"><FONT size="2">3</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B>
</FONT>

<P><FONT size="2">99.1&nbsp;&nbsp;&nbsp;Press Release dated October&nbsp;11, 2002
</FONT>

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



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e8vk
Table of Contents
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
October 11, 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
(Commission
(IRS Employer
of incorporation)
File Number)
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.
TABLE OF CONTENTS
Item 5. Other Events
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
SIGNATURES
EXHIBIT INDEX
Exhibit 99.1
Table of Contents
Item 5.   Other Events
On October 11, 2002, Nortel Networks Corporation issued a press release stating
that in a letter from Frank Dunn, its president and chief executive officer, to
employees subsequently issued on the same date, Nortel Networks Corporation updated
employees on Nortel Networks Corporation's third quarter 2002 revenues and
Nortel Networks Corporation's progress on its drive to achieve profitability.
Dunn's letter informed employees that Nortel Networks Corporation's revenues
for the third quarter of 2002 will be US$2.36 billion, in line with previously
stated expectations, and that Nortel Networks Corporation's cash performance
continued to be strong. Dunn's letter also indicated that Nortel Networks
Corporation is in the process of positioning itself around its four key
businesses to drive a break even model (not including costs related to
acquisitions and any special charges and gains) at quarterly revenues of below
US$2.4 billion. This break even model is expected to be in place by the second
quarter of 2003.
Nortel Networks Corporation plans to release its financial results for the
third quarter of 2002 on October 17, 2002.
Nortel Networks Corporation owns all of the Registrant's common shares and the
Registrant is Nortel Networks Corporation's principal direct operating
subsidiary.
A copy of the press release is attached hereto as Exhibit 99.1 and is hereby
incorporated in its entirety by reference.
Certain information included in this report is forward-looking and is subject
to important risks and uncertainties. The results or events predicted in these
statements may differ materially from actual results or events. Factors which
could cause results or events to differ from current expectations include,
among other things: the severity and duration of the industry adjustment; the
sufficiency of Nortel Networks restructuring activities, including the
potential for higher actual costs to be incurred in connection with
restructuring actions compared to the estimated costs of such actions;
successful implementation of Nortel Networks new organization structure;
fluctuations in operating results and general industry, economic and market
conditions and growth rates; the ability to recruit and retain qualified
employees; fluctuations in cash flow; the level of outstanding debt and debt
ratings; the ability to meet financial covenants contained in Nortel Networks
credit agreements; the ability to make acquisitions and/or integrate the
operations and technologies of acquired businesses in an effective manner; the
impact of rapid technological and market change; the impact of price and
product competition; international growth and global economic conditions,
particularly in emerging markets and including interest rate and currency
exchange rate fluctuations; the impact of rationalization in the
telecommunications industry; the dependence on new product development; the
uncertainties of the Internet; the impact of the credit risks of Nortel
Networks customers and the impact of increased provision of customer financing
and commitments; stock market volatility; the entrance into an increased number
of supply, turnkey, and outsourcing contracts which contain delivery,
installation, and performance provisions, which, if not met, could result in
the payment of substantial penalties or liquidated damages; the ability to
obtain timely, adequate and reasonably priced component parts from suppliers
and internal manufacturing capacity; the future success of Nortel Networks
strategic alliances; and the adverse resolution of litigation. For additional
information with respect to certain of these and other factors, see the reports
filed by the Registrant and Nortel Networks Corporation with the United States
Securities and Exchange Commission. Unless otherwise required by applicable
securities laws, the Registrant and Nortel Networks Corporation disclaim any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Item 7.   Financial
Statements,
Pro Forma
Financial Information and Exhibits
(c)   Exhibits.
99.1   Press Release dated October 11, 2002.
2
Table of Contents
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
Dated:  October
11, 2002
By:
/s/ Deborah J. Noble
Deborah J. Noble
Corporate Secretary
By:
/s/ Blair F. Morrison
Blair F. Morrison
Assistant Secretary
3
Table of Contents
EXHIBIT INDEX
99.1   Press Release dated October 11, 2002
4