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.
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