Electronics Production |
Nortel may be close to bankruptcy
Nortel Networks reportedly has sought legal counsel to explore the possibility of a bankruptcy-court protection from its creditors.
The report in the Wall Street Journal, citing unnamed sources, suggest that the company is looking for legal counsel for a possible bankruptcy-court protection, should its restructuring plan fail. Ronald Alepian, a spokesman for Nortel, said that "no bankruptcy filing is imminent". However, the report continued in saying that Nortel is seeking to engage several advisers to map out a way forward.