Wednesday, January 14, 2009

Nortel board of directors vote to file bankruptcy

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Nortel board of directors vote to file bankruptcy
The Globe and Mail is reporting that the Nortel board of directors voted last night to file for bankruptcy protection. According to the Globe, Nortel will seek court approval for creditor protection this morning. Read more.

Related News:

Analyst: Early Nortel bankruptcy might be smart
It might make sense for Nortel to declare bankruptcy sooner rather than later in an effort to be in as strong a position as possible when it happens, an industry financial analyst says.

Nortel mulls bankruptcy
Nortel has hired lawyers to consider whether it should seek bankruptcy protection, but the company says it has made no decision to do so.

Podcast: How many hits can Nortel take?
Nortel made a lot of news this week, not the least of which included a $4.3 billion dollar loss, a plan to sell its metro Ethernet business and the departure of its CTO. Because of all that, Matthew Nickasch, an IT executive and network industry watcher, had some interesting things to say about Nortel in his Network World blog this week. (9:13)


01/14/09

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