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Electronics Production | April 28, 2009

Nortel looking for bankruptcy extensions

The Canada-based company has asked for an extension on the bankruptcy protection.

Nortel is asking for a 90-day extension until July 30, 2009. The latest Monitor's report filed with the Ontario court stated that the company "will require significant additional time to formulate an agreed upon restructuring strategy []. The extension of the stay of proceedings to July 30, 2009 is neccessary for the restructuring strategy and plan to be fully developed."
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