Nortel Networks is asking Canadian courts for a three-month extension while it restructures under bankruptcy protection.
The equipment vendor filed for Chapter 11 bankruptcy protection in mid-January. The company was said to have asked the Ontario Superior Court for more time to restructure billions of dollars in debt. Nortel had previously been granted a 30-day extension, which expires Feb. 13.
A Nortel spokesman said late last week that the extension was "necessary to provide stability to Nortel's business while the company works to prepare a restructuring plan to see it emerge as a more focused and competitive company."
Since the bankruptcy filing, the company has exited the mobile WiMAX business, which significantly impacted the business of Nortel partner Alvarion. The company also decided to postpone the sale of its Metro Ethernet Networks business. The company employs around 30,000 people worldwide.
For more:
- see this article [1]
- see this post [2]
Related Articles:
Nortel [3] workers faced with tough prospects amid bankruptcy
Nortel [4] exits mobile WiMAX business
Nortel files for bankruptcy [5] protection
Nortel teams with Alvarion on WiMAX [6]; focus moves to LTE
Nortel [7] posts $3.41B loss, will cut 1,300 jobs
Links:
[1] http://www.google.com/hostednews/canadianpress/article/ALeqM5jco6lrsdSV6Gp-c_S636azYf1Ygg
[2] http://www.bnn.ca/blog/6931.html
[3] http://www.fiercewireless.com/story/nortel-workers-faced-tough-prospects-amid-bankruptcy/2009-01-26
[4] http://www.fiercebroadbandwireless.com/story/nortel-exits-mobile-wimax-business/2009-01-29
[5] http://www.fiercebroadbandwireless.com/story/nortel-files-bankruptcy-protection/2009-01-14
[6] http://www.fiercewireless.com/story/nortel-teams-alvarion-wimax-focus-moves-lte/2008-06-11
[7] http://www.fiercewireless.com/story/nortel-posts-3-41b-loss-cut-1-300-jobs/2008-11-10