Canada's Nortel Networks Files For Bankruptcy

Law360, New York (January 14, 2009, 12:00 AM EST) -- Struggling with a precipitous drop in sales, Canadian telecommunications company Nortel Networks Corp. has filed for bankruptcy protection in the U.S. and Canada.

Nortel said it is seeking creditor protection under the Companies' Creditors Arrangement Act in Canada, and certain of the company's U.S. subsidiaries have filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware.

Other subsidiaries are expected to make consequential filings in Europe, Nortel said Wednesday.

Nortel said it expects its normal business operations to continue while it...
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