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|I Am Skooter|
So here's us, on the raggedy edge.
About damn time.
Nortel files for bankruptcy protection
ANDREW WILLIS and JACQUIE MCNISH AND MATTHEW HARTLEY, From Wednesday’s Globe and Mail
January 14, 2009 at 8:35 AM EST
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 last night to deal with a financial crisis, as the economic downturn translates into a sharp drop in orders from phone company clients. The telecom-hardware manufacturer failed to find buyers for a number of divisions that were put up for sale in September, and faces the prospect of paying $107-million (U.S.) of interest on its debts tomorrow.