Nortel granted extension of bankruptcy protection

TORONTO – Nortel Networks has been granted more time to work on its restructuring plan. The telecom equipment maker, currently in bankruptcy protection, asked the Ontario Superior Court of Justice to extend its stay of proceedings to July 30 from May 1, 2009. Its request was granted late on Tuesday. The purpose of the stay of proceedings is to allow the Nortel companies to continue to develop a restructuring strategy for consideration by their creditors and the Court, and then file a plan of arrangement. Nortel also announced that it has amended its agreement with Export Development Canada to allow...