Nortel tries to extend bankruptcy protection

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 postponed the sale of its Metro Ethernet Networks business. The company employs around 30,000 people worldwide.

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