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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