Wednesday, January 14, 2009

The end of Nortel

It was a long time coming, I suppose:
Nortel Networks Corp., North America’s biggest maker of telephone equipment, filed for bankruptcy protection in a U.S. bankruptcy court.

Nortel, based in Toronto, had more than $1 billion in assets and debt, according to today’s Chapter 11 filing of its U.S. subsidiary in Wilmington, Delaware.

Nortel has lost almost $7 billion since Chief Executive Officer Mike Zafirovski took over in 2005, leaving him struggling for the funds to operate the company. Bank of New York Mellon was listed as Nortel’s largest unsecured creditor in its role as trustee on more than $3.8 billion in notes.
From Bloomberg. Glad I never invested in that one...

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