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Telecom giant in trouble

Published on January 14, 2009; Published on July 10, 2009
The Canadian Press ~ The News

Topics :: Nortel Networks , TSX , North American , TORONTO , United States

TORONTO - Telecom giant Nortel Networks Corp. and several of its units have filed for Chapter 11 in a bankruptcy court in the United States.
The move comes shortly after shares in the company were halted on the TSX pending news.
Earlier reports said the company's board of directors had gathered in Toronto on Tuesday night to assess the company's limited financial options, which included bankruptcy protection.
The meetings come two days before the once mighty telecom firm is due to repay a $107-million interest debt on bonds.
The transaction would deplete Nortel's North American cash reserves by about 10 per cent.

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