U.S. subsidiaries of Canadian parent Nortel Networks Corporation plopped into Delaware bankruptcy court today. NNC itself said it plans to file (and may have already filed) under the Companies' Creditors Arrangement Act. Blawgletter guesses that'll happen (or has happened) in Toronto, Ontario, site of NNC's headquarters.
A Nortel press releases says:
Nortel made this decision with the unanimous authorization of its Board of Directors after thorough consultation with its advisors and extensive consideration of all other alternatives. This process will allow Nortel to deal decisively with its cost and debt burden, to effectively restructure its operations and to narrow its strategic focus in an effective and timely manner.
You can have a look at the bankruptcy petition of the largest U.S. subsidiary, Nortel Networks Inc., right here. The petition discloses billions owing to bondholders.
