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Jan. 14, 2009
Nortel Networks files for bankruptcy
Well if you still own some "Baystack" switches or similar networking equipment, I hope they're not under warranty anymore... Today is a sad day for many in Canada, but it was almost written on the wall. North America's biggest manufacturer of telephone equipment, Nortel Networks has filed for bankruptcy protection in the U.S. today, as the global economic downturn further cuts into its once high-flying telecom equipment business. Nortel's bankruptcy filing came just a day before the Toronto-based company was due to make an interest payment of approximately $107 million on some of its short-term debt.