Nortel files for bankruptcy protection
Nortel Networks Corp. filed for bankruptcy protection Wednesday, saying the global financial crisis had derailed its efforts to fix mistakes of the past and turn the fallen technology titan back into a profitable organization.
Nortel Networks, the bankrupt Canadian telecommunications equipment maker, said early this morning that it has agreed to sell its 6,000 patent portfolio to a tech consortium led by Apple Inc and Microsoft for $4.5 billion in cash.