Trading in Nortel shares halted
The CBC report states that they may be filing for bankruptcy protection today, $107 million(Can) in interest on bonds. The move would give them 30 days to find some way to pay off the debt.
Update: Nortel Networks files for bankruptcy protection
Export Development Canada has agreed to loan Nortel $30 million(Can) for the next 30 days, pending credit approval. Nortel executives state that after cutting staff to 25,000 from 100,000, staff cuts are no longer an option. It's believed by some that the next step is that Nortel will be whittled down as they sell of divisions.