Death Of A Tech Stock: Nortel Network

Posted by Kris | Wednesday, January 14, 2009 | | 0 comments »

TORONTO (AP) -- Technology giant Nortel Networks Corp. has filled for bankruptcy protection.

North America's biggest maker of telecommunications equipment has been dealing with a sharp drop in orders from phone company clients. Creditor protection would give the company more opportunities to explore restructuring options or sell off some of its assets.

Last month, it was reported that the company hired legal advisers to explore bankruptcy court protection from creditors, but Nortel said at the time that a filing was not imminent.

Nortel stock, which once traded at more than $1,200 Canadian a share on a pre-split basis during the tech bubble, closed Tuesday at 38.5 Canadian cents a share on Canada's main stock exchange.

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