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Electronics Production | December 11, 2008

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.
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