Nortel Networks Of Canada To Seek Bankruptcy Protection
January 14, 2009
Washington (dbTechno) - Nortel Networks Corp. of Canada is expected to seek bankruptcy protection.
They will seek protection in both Toronto as well as in the United States.
The board of directors for Nortel is believed to be set to announce on Wednesday that they need the protection.
The news was originally released by the Globe and Mail, as they expect to seek $107 million in the announcement.
Nortel is the largest telecom equipment maker in North America.
According to reports though, the company may be broken up quite a bit.
Nortel is believed to have $4.5 billion in long-term debt which it may not be able to pay back.
The company employes 26,000 people, a huge decline from where it was years ago.
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