Nortel files for bankruptcy protection
Nortel Networks Corp, North America's biggest maker of telephone equipment, filed for bankruptcy protection on Wednesday, as the global economic downturn further erodes its once high-flying business.
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.