As a result of the global financial crisis, Nortel Networks and Nortel Networks Capital Corporation have filed voluntary petitions in the
The companies are subsidiaries of the Nortel Networks Corporation, which together with Nortel Networks Limited and certain of its other Canadian subsidiaries, are seeking creditor protection under the Companies’ Creditors Arrangement Act in
The company said that the process will allow it to deal with its cost and debt burden, to effectively restructure its operations and to narrow its strategic focus in an effective and timely manner.
The company’s affiliates in Asia, including LG Nortel, and in the Caribbean and
But certain of its European, Middle Eastern and African subsidiaries are expected to make consequential filings in
During the company’s re-organisation process, its normal day-to-day operations are expected to continue without interruption.