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Submission Nortel filed for bankruptcy

amnezick writes: "North American telecommunications equipment manufacturer Nortel has filed for bankruptcy protection on the 14th of January, according to a company announcement. The process includes Canadian, but also U.S. subsidiaries. European subsidiaries are expected to make similar filings.
Nortel may go bankrupt by 2011 without a cash injection from the government or financial backers, RBC Capital Markets said.

Nortel, no. 7 on Douglas A. McIntyre's Top10 list with companies that won't make it through 2009, looks like it's fighting for the 1st place"

"We don't care. We don't have to. We're the Phone Company."