Nortel Files for Bankruptcy Protection

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online.wsj.com - 1/14/2009

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business.theglobeandmail.com - 1/14/2009

reportonbusiness.com: Nortel files for bankruptcy protection

— business.theglobeandmail.com — Former technology titan Nortel Networks Corp. filed for bankruptcy protection Wednesday, a move that will likely see... what was once Canada's great corporate success story broken up and sold to foreign rivals. Nortel's board of directors was meeting ... (more) reportonbusiness.com: Nortel files for bankruptcy protection

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www2.nortel.com - 1/14/2009

News Releases: Nortel Commences Comprehensive Business and Financial Restructuring

— www2.nortel.com — JANUARY 14, 2009 TORONTO - Nortel* Networks Corporation [NYSE/TSX: NT] announced that it, Nortel Networks Limited ("NNL")... and certain of its other Canadian subsidiaries will seek creditor protection under the Companies' Creditors Arrangement Act ... (more) News Releases: Nortel Commences Comprehensive Business ...

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nytimes.com - 1/14/2009

Nortel Seeks Bankruptcy Protection

— nytimes.com — Nortel has struggled to recover from the collapse of technology stocks early in the decade as well... as an accounting scandal. > (more) Nortel Seeks Bankruptcy Protection

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Blog Reactions

BloggingStocks: Nortel files for Chapter 11 bankruptcy protection

Silicon Alley Insider: Nortel Files For Bankruptcy (NT)

Digital Daily: Nortel Does The Inevitable

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Blog Reactions

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 ...

Nortel Files For Bankruptcy (NT)
Silicon Alley Insider — ... Telecom gear maker Nortel's (NT) downward spiral continues: The company filed for Chapter 11 bankruptcy protection in Delaware today. Nortel owes companies more than $3.8 billion, according to court filings, the WSJ notes. ...

Nortel Does The Inevitable
Digital Daily — ... 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 for company shareholders will likely see their holdings all but wiped out, this was it. As a consequence of filing Chapter 11, Nortel will lose significantly more business, analysts say. And that could potentially send the company into a death spiral. “Based on this filing, the board of directors must believe that not only is the ...