Nortel Seeking More Time to Deal With Restructuring Under Bankruptcy
Nortel Networks Corp. is seeking a three-month extension to deal with its restructuring under bankruptcy protection, The Canadian Press reported. The company is asking the courts for the stay period to be extended to May 1. Nortel spokesperson Mohammed Nakhooda said motions were filed late Thursday and will be dealt with next week. In an email to The Canadian Press, Nakhooda said the extension is "necessary to provide stability to Nortel's business while the company works to prepare a restructuring plan to see it emerge as a more focused and competitive company." The telecommunications equipment manufacturer filed for bankruptcy protection from creditors in the U.S. and Canada last month. Nortel has vowed to stay alive as a smaller company as it sells non-core businesses and restructures to deal with a plunge in revenue caused by the North American recession. Read more.