Nortel is on the evening news (again). The Canadian giant and remnant of another time filed for Chap. 11 bankruptcy today. This is not necessarily a surprise to anyone, but sad for sure. From an enterprise with over 90,000 staff, sales over $30B and a market cap of over $350B, to a suspicious balance sheet, less than 30,000 and a penny stock price - and very likely unable to make a mere $100M debt payment. Besieged with troubles of one nature or another including fraud, this company is restructuring (again). Sales revenue has certainly been challenging, particularly of late, but they also got left behind in technology advancement. Speculation abounds with ideas about what is the go forward, including breaking it up. So why was this company on a buying spree earlier last year? - it was supposed to accelerate Nortel's transition into the software company. A challenging environment to be reinventing yourself.
Nortel's Bankruptcy: A Sad Day for Employees and Canada
Bye Bye Nortel
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