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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"

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