TITLE

Nortel Files for Chapter 11

AUTHOR(S)
Medford, Cassimir
PUB. DATE
January 2009
SOURCE
Red Herring;1/14/2009, p2
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the filing of Chapter 11 bankruptcy protection by Canadian telecommunications equipment maker Nortel in both the U.S. and Canada. The Toronto, Ontario-based company will also seek creditor protection for its European subsidiaries. Nortel lost more than 90 percent of its market capitalization in 2001-2002 in the wake of the dark days of the telecom downturn. The company was also laid low by a subsequent financial scandal and has spent the past eight years attempting to rebuild its business and its reputation.
ACCESSION #
36602890

 

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