Nortel in Bankruptcy Protection

Nortel Networks, North America's biggest maker of telephone equipment, has filed for bankruptcy protection.

The move by the firm, based in the Canadian city of Toronto, came as the global economic downturn continued to eat into its already fragile business.

Full story at http://news.bbc.co.uk/1/hi/business/7828915.stm

Ian

Reply from dean on Jan 14, 2009 - 05:14 PM

Wow.

Ottawa Business Journal are reporting that EDC have stepped in with a $30m loan to cover the interest payment Nortel need to make.

Quote:

Export Development Canada said it will provide $30 million in short-term financing to Nortel Networks, which filed for bankruptcy protection in the United States on Wednesday morning. "The government of Canada appreciates the importance of the telecommunications industry to our economy and will continue to work with Nortel during its restructuring through Export Development Canada," Industry Minister Tony Clement said in a statement. "Nortel has stated that it has every intention of emerging from this restructuring under the (Companies' Creditors Arrangement Act) as a viable business. We will monitor its progress closely."

http://www.ottawabusinessjournal.com/29 ... 874821.php

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