Nortel aims to extend bankruptcy protection to July 30

Nortel Networks has filed a document with the Superior Court of Ontario, Canada, requesting that its bankruptcy protection period be extended until July 30.
The company filed for bankruptcy protection in January and had been planning to exit its protection period on May 1 with a new business plan.
The filing was made after court-appointed auditor Ernst & Young said Nortel needs more time to clarify its restructuring plan.
It is not clear whether the extension also will allow Nortel more time to complete asset sales. Rivals such as Nokia Siemens Networks are reportedly in the running to acquire portions of troubled Nortel.
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