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Nortel files for bankruptcy.

Jan 14, 9:46 AM (ET)


TORONTO (AP) - Technology giant Nortel Networks Corp. (NT) (NT) filed for
bankruptcy protection in Canada and the U.S. on Wednesday, the first major
technology company to file for protection during the global downturn.

North America's biggest maker of telecommunications equipment has been dealing
with a sharp drop in orders from phone company clients. It filed for court
protection in Delaware on Wednesday, a day before the firm is due to repay a
$107 million interest debt on bonds.

Creditor protection would give the company more opportunities to explore
restructuring options or sell off some of its assets. ...
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