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.