Menu
Nortel files for bankruptcy

Nortel files for bankruptcy

Nortel filed bankruptcy in a US court on Wednesday.

Financially struggling Nortel Networks filed for Chapter 11 in U.S. bankruptcy court Wednesday.

The financially ailing Canadian company is seeking creditor protection in the U.S., Canada and EMEA (Europe, the Middle East and Africa), it said in a statement.

Nortel gave "full consideration to the alternatives" to bankruptcy, but given the current economic downturn decided that bankruptcy is in the company's best interest long term.

The telecommunications equipment vendor will undertake "a comprehensive business and financial restructuring" and expects to emerge from the bankruptcy process "more focused, financially sound and competitive."

Nortel had a US$107 million bond payment due this week. Last month, the New York Stock Exchange informed the company it would be delisted if its share price did not rise above the minimum $1 within six months.

(More to follow.)


Follow Us

Join the newsletter!

Error: Please check your email address.

Featured

Slideshows

Kiwi channel closes 2017 with After Hours

Kiwi channel closes 2017 with After Hours

The channel in New Zealand came together to celebrate the close of 2017, as the final After Hours played out in front of a bumper Auckland crowd.

Kiwi channel closes 2017 with After Hours
Meet the top performing HP partners in NZ

Meet the top performing HP partners in NZ

HP honoured leading partners across the channel at the Partner Awards 2017 in New Zealand, recognising excellence across the entire print and personal systems portfolio.

Meet the top performing HP partners in NZ
Tech industry comes together as Lexel celebrates turning 30

Tech industry comes together as Lexel celebrates turning 30

Leading figures within the technology industry across New Zealand came together to celebrate 30 years of success for Lexel Systems, at a milestone birthday occasion at St Matthews in the City.​

Tech industry comes together as Lexel celebrates turning 30
Show Comments