Nortel asks court for more time to restructure

Posted by Kim Parlee on February 5, 2009

As first reported on BNN late Thursday, Nortel Networks, North America's troubled telephone titan … needs more time. 

The company, which was granted 30-day creditor protection until Feb. 13, will be asking for 3 more months to give it more time to deal with its complex restructuring and $11-billion debt load. The company is expected to make the request to the Ontario Superior Court Thursday evening. 

BNN sources say that while a 3-month extension is unusually long, it is not unheard of. And the extra time may allow "cooler heads to prevail."

*Note: On February 10, the Ontario Superior Court granted Nortel creditor protection until May 1.

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