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Nortel files for Chapter 11 bankruptcy protection
BloggingStocks — Filed under: SEC filings, Products and services, Nortel Networks (NT), RecessionNortel Networks Inc. (NYSE: NT), which has been floundering for years, put itself out of its misery today by filing for Chapter 11 bankruptcy protection. According to court papers filed in U.S. Bankruptcy Court in Delaware, the Canadian telecom equipment maker owes bondholders $3.8 billion and was facing $107 million in interest payments this week. The company already was facing de-listing from the New York Stock Exchange. It has a $2.4 billion cash position. Amidst all of the usual hopeful spin in the company's press ...

Nortel Files For Bankruptcy Protection
mocoNews — ... for Chapter 11 bankruptcy protection in its native Canada and in the U.S. The Toronto company's affiliates in Asia, including LG (SEO: 066570) Nortel and in the Caribbean and Latin America, are not involved in the bankruptcy filings and will continue to operate normally. Nortel says that it has been trying to turn its financial situation around since 2005. Although it claims to have made some progress, the credit crunch and wider economic meltdown have certainly erased any progress. Release ...

Nortel Does The Inevitable
Digital Daily — It took far longer than expected, but Nortel’s (NT) finally thrown in the towel. This morning the long-suffering telecommunications equipment maker filed for Chapter 11 bankruptcy protection. “Nortel must be put on a sound financial footing once and for all,” CEO Mike Zafirovski said in a statement. “These actions are imperative so that Nortel can build on its core strengths.” Indeed. For Nortel, around whom the carrion birds have been circling, the move has been a long time coming. Nortel owes creditors about $3.8 billion. And with its first large bondholder payment coming due this week, it had to do something. Sadly ...

Nortel files for bankruptcy: What you need to know
Between the Lines — January 14th, 2009 Nortel files for bankruptcy: What you need to know Posted by Larry Dignan @ 8:48 am Categories: General , Hardware Infrastructure , Telecommunications Tags: Nortel Networks Corp. , Bankruptcy , Upshot , Litigation , Business Operations , Larry Dignan Nortel has officially filed for bankruptcy in a bid to be on “sound financial footing once and for all.” In a statement , Nortel detailed its bankruptcy filing. And while it’s unlikely that Nortel will garner new customers it has a lot of existing ones that may be worried. Here’s what you need to know: What’s unclear is ...