for more information contact skot@penguinstorm.com

I Am Skooter
So here's us, on the raggedy edge.
Trees held us in on all four sides so thick we could not see / I could not see any wrong in you, and you saw none in me.
— Woody Guthrie, Remember the Mountain Bed
January 14, 2009
Nortel Files for Bankruptcy

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.

Nortel files for Bankruptcy

Posted by skooter at 1:43 PM This entry is filed under Technology.
This entry is tagged: Economics, Nortel, Telecommunications

blog comments powered by Disqus