Home  ›  News  ›

Nortel Files for Bankruptcy

Article Comments  4  

Jan 14, 2009, 11:52 AM   by Eric M. Zeman   @phonescooper

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.

more info at New York Times »



This forum is closed.

This forum is closed.


Jan 14, 2009, 1:57 PM

They use to own

They use to own Alltel or be apart of them some way or another.
They have been in a long agonizing downward spiral since the dot com bust. Several family members have worked for them in Silicon Valley.

Expected, but I am surprised it took this long to file 😲
Page  1  of 1

Subscribe to Phone Scoop News with RSS Follow @phonescoop on Twitter Phone Scoop on Facebook Subscribe to Phone Scoop on YouTube Follow on Instagram


All content Copyright 2001-2018 Phone Factor, LLC. All Rights Reserved.
Content on this site may not be copied or republished without formal permission.