Nortel Networks Corp, North America's biggest maker of telephone equipment, filed for bankruptcy protection on Wednesday, as the global economic downturn further erodes its once high-flying business.
The filing came a day before the Toronto-based company was due to make an interest payment of about $107 million.
Nortel and a number of its affiliates filed for Chapter 11 bankruptcy protection in the United States, according to a court filing.
Wednesday, January 14, 2009
Nortel files for bankruptcy protection, shares plunge
Reuters reports:
