Nortel Files for Bankruptcy
Canadian telecommunications company Nortel has filed for bankruptcy protection in both the U.S. and Canada. Nortel CEO Mike S. Zafirovski, said in a statement, "Nortel must be put on a sound financial footing once and for all." Nortel recently reported a $3.4 billion loss for the third quarter of 2008, has been unable to sell one of its divisions, and has seen its stock price erode from $123.10 to just 4 cents per share after nearly 10 years of restructurings and write-downs. The possibility exists that Nortel will not be able to garner favorable terms while it restructures under bankruptcy protection and may be forced to liquidate its assets. Nortel provides wireless network operators with networking gear.
Turing Robotic Industries Declares Bankruptcy
Turing Robotic Industries, a company that promised to create a sleek, secure smartphone nearly three years ago, has moved into insolvency. TRI was located in Finland and formed by some ex-Nokia employees.
BlackBerry Sues Nokia Over Patents
BlackBerry filed a patent infringement lawsuit against Nokia this week. BlackBerry claims Nokia is using its patented technology in select telecommunications equipment that Nokia sells to network operators, such as T-Mobile, without the proper licenses.
Sprint Falls to Become No. 4 US Carrier
Sprint reported its second quarter earnings today and the numbers reveal it has fallen behind competitor T-Mobile in the total number of customers. T-Mobile, which gained a total of 2 million new customers during the second quarter, reported a total customer base on 58.9 million.
Rdio Will Shutdown December 22
Rdio, which is in the process of being acquired by Pandora, will go offline worldwide on December 22. The company said it looks forward to adding its unique features to Pandora down the road.
They use to own
Expected, but I am surprised it took this long to file