14 Jan 09 Breaking – Nortel Mortel : NT files for bankruptcy & stock is trading at $0.07 down 70% from yesterday

Well, the writing was on the proverbial wall for quite a while now and today Nortel made it official, filing for Chapter 11 protection in the US. It announced this the day before it was expected to make a $107M debt payment.

The stock has plummeted to about US $0.07 a share… down from $0.32 at the close of yesterday’s trading session.

A cold lunch hour in Montreal today, indeed.

Related posts:

1. Yahoo! shutting down Geocities (after buying it in 1999 for $4.6 billion) – Good riddance…

Tags: business, Hardware, Investing, Nortel Bankruptcy