Former technology titan Nortel Networks Corp. filed for bankruptcy protection Wednesday, a move that will likely see what was once Canada's great corporate success story broken up and sold to foreign rivals.

Nortel's board of directors was meeting last night to deal with a financial crisis, as the economic downturn translates into a sharp drop in orders from phone company clients. The telecom-hardware manufacturer failed to find buyers for a number of divisions that were put up for sale in September, and faces the prospect of paying $107-million (U.S.) of interest on its debts tomorrow.

Read full story: Globe and Mail

Updates:  UPDATED Jan 14, 2009 4:16 PM PST
Nortel Commences Comprehensive Business and Financial Restructuring Nortel Press Release, Jan.14.2009
Nortel bonds capable of substantial recovery: RBC National Post, Jan.14.2009
Concerns Raised Over Nortel as a Tier One Sponsor of London's 2012 OlympicsTelegraph.co.uk, Jan.14.2009
Bankruptcy filing was in part to preserve $2.4B in cash, Nortel exec says Computerworld, Jan.14.2009
Canadian government to aid Nortel after bankruptcy filing AFP, Jan.14.2009
Nortel customers don't need to panic, analysts say Computerworld, Jan.14.2009
Flextronics' Shares Entangled In Nortel's Bankruptcy CNNMoney, Jan.14.2009
Vancouver Olympics-2010 Organizers Say Not Hurt by Nortel Reuters, Jan.14.2009
Nortel struggles a 'big blow' to research in Canada CBC, Jan.14.2009
Adding to the Nortel Conversation Blair Pleasant, Jan.14.2009
Will Nortel Emerge Stronger After Bankruptcy? Andrew Hickey, ChannelWeb, Jan.14.2009

Related topics: Telecom