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Author: mendomann Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5026  
Subject: Nortel files for bankruptcy. Date: 1/14/2009 3:00 PM
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Nortel files for bankruptcy.

http://apnews.myway.com/article/20090114/D95MVNI00.html

Jan 14, 9:46 AM (ET)

By ROB GILLIES

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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