Nortel has filed for Bankruptcy
Jan 15 2009
It has just emerged that telecoms and networking equipment giant Nortel filed for bankruptcy yesterday. The Canadian technology company employs over 300 people in Galway and has had an operation there since 1973.
It is understood the company never fully recovered from the major economic downturn of 2001 and 2002, made worse by the dot.com downturn. However the company has pointed out that it has sufficient cash in hand to fund ongoing operations, and day to day operations are expected to continue as normal.
The company stated that its affiliates in Asia, the Caribbean, and Latin America are not included in the proceedings.
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