TORONTO – Nortel Networks Corp, North America’s biggest maker of telephone equipment, filed for bankruptcy protection on Wednesday, as the global economic downturn further erodes its once high-flying business.
The filing came a day before the Toronto-based company was due to make an interest payment of about $107 million.
Nortel and a number of its affiliates filed for Chapter 11 bankruptcy protection in the United States, according to a court filing.
Its shares plunged more than 76 percent to 7.5 cents in electronic pre-market trading.
via Nortel files for bankruptcy protection, shares plunge – Yahoo! Singapore News.
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I feel sorry for the shareholders, a lot of them forced into buying Nortel because Brokers and Money managers pushed it on their clients. “Nortel is THE tech company in Canada”. I can hear them saying
things like that. The think is the strong, well managed companies survive and Nortel is not a strong company. Accounting problems, roll back, mismanagement, and now at .12! Let the company REST IN PEACE and we don’t have to hear another analyst opinion on Nortel.
http://www.stockjunction.com/index.php?option=com_myblog&show=Nortel-A-Dog-With-Flees-Now-Terminal-Cancer-.html
This is insane. Shareholders will loose a big chunk of their investments throught this. lets hope that the economical crysis will come to an end soon.