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Submission + - Nortel Failings lead to Chapter 11 (www.ctv.ca)

joelmax writes: "Nortel Networks Corp. filed for Chapter 11 bankruptcy protection in the United States on Wednesday, one day before it was due to make a $107 million interest payment. The Toronto-based company and several of its affiliates made the filing in federal bankruptcy court in Delaware. The move came shortly after the Nortel's shares were halted on the TSX. According to The Globe and Mail, Nortel is also expected to file for bankruptcy protection in Toronto." So it seems that the long coming fall of Nortel may finally be at an end here. It will definitely be interesting to see if they can finally get their act together, but I doubt that Nortel will be around for much longer.
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Nortel Failings lead to Chapter 11

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