Telecom giant Nortel granted bankruptcy protection
Updated Wed. Jan. 14 2009 4:59 PM ET
CTV.ca News Staff
Nortel Networks Corp. has been granted protection by an Ontario Superior
Court judge from its creditors under the Companies' Creditors Arrangement
Act.
A lawyer for Nortel said in court that the bankruptcy protection was
necessary because the company was quickly burning through its cash reserves.
Nortel has also filed for Chapter 11 bankruptcy protection in the United
States, the company ann
