Nortel restructures, seeks bankruptcy protection

TORONTO – Canadian corporate icon Nortel Networks has announced that it is seeking bankruptcy protection under the Companies' Creditors Arrangement Act ("CCAA") in Canada and under the Chapter 11 provisions in the U.S., as well. Certain of the company’s overseas subsidiaries are expected to make consequential filings in Europe. Nortel's normal day-to-day operations are expected to continue without interruption, added the company’s press release this morning. “Nortel remains 100% focused on serving customers worldwide through continued R&D investments and support of its product portfolio to fulfill customer needs.” Nortel made this decision with the unanimous authorization of its board of...