Wednesday, January 14, 2009

Nortel Bankrupt!

And the post-bubble disaster is nearly complete, as Nortel Networks applies for bankruptcy protection.
The company said the process will allow it to deal with its cost and debt burden, restructure its operations and narrow its strategic focus. While Nortel said it has about $2.3 billion in cash, it owes about $4.5 billion US in long-term debt.
Here's the CBC piece.

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