Nortel Networks Ltd. The company's shares on the New York Stock Exchange NYSE are down more than 25 percent today following a Wall Street Journal report that the company is seeking advice on the possibility of a bankruptcy filing. See Nortel's New Chapter. No such move appears imminent. See What's Nortel Worth? Whether today's report presents any markedly new information is debatable, as the possibility of a Nortel bankruptcy has been on people's minds for some time.
He added that Nortel's cash should be enough to get through , although things could get dicey after that. Along similar lines, the fact that Nortel's bonds were trading at less than 21 to 41 percent of face value in November was a bad sign for the stock, analyst Kris Thompson of National Bank Financial wrote in a report back then. The MEN sale doesn't appear to be going anywhere, though. The Journal reports "nearly a dozen" potential buyers have looked at the division without coming to a deal.
And analysts talking to Light Reading in recent weeks haven't come up with any new possibilities for buyers; many think Huawei Technologies Co. Nortel's future might not hinge on that sale anyway. A settlement in October apportioned the money among the Canadian parent company, Nortel U. Justice Newbould took less than a minute to approve the Canadian materials. Last year, Justice Newbould and his U.
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