Even as Nortel continues to reel under the ongoing financial meltdown and even more so because of its bankruptcy status, ex-Nortel executive, Robert Ferchat, retired vice-president David Mann and former chief marketing officer Ian Craig along with some few other colleagues is reportedly considering to put forward a proposal to raise $ 1 billion in funds, reports the CanWest News Service.

Not only this, the former executives are also planning to pitch a bail out plan wherein the Canadian government is to build a national infrastructure  project which will be funded by government tax credits earned by Nortel over the years.

Ferhard has stated to the Ottawa Citizen that he would fire CEO, Mike Zafirovski and install a new management if his proposal comes through.