Technology giant Nortel Networks has filed for bankruptcy in the United States and Canada, making it the first major technology company to seek protection during the current global economic downturn.
“Nortel must be put on a sound financial footing once and for all,” said Nortel President and CEO Mike Zafirovski, in a statement. “These actions are imperative so that Nortel can build on its core strengths and become the highly focused and financially sound leader in the communications industry that its people, technology and customer relationships show it ought to be.”
