Toronto-based Nortel Networks, North America’s largest telecom equipment maker, has filed for bankruptcy protection today. This comes of a staggering 25% stock drop yesterday. At one time this Canadian business icon was one of Canada’s largest company with a $366-billion market capitalization and 95,000 employees. A person close to the Nortel daily plans said “It is an iconic Canadian name and there will be a great national grieving over this”.
The Globe is reporting that next steps will be court protection from lenders, and then broken up and sold to foreign rivals.
News 
News 
Deals 
News 