Telecom equipment giant Nortel files for bankruptcy

Canadian firm Nortel employs about 33,000, and has extensive operations in Israel.

Facing a $107 million interest payment on Thursday, and in light of a sharp drop in orders, telecommunications equipment company Nortel Networks has filed a request for bankruptcy protection in a US court.

The Chapter 11 bankruptcy request was filed in Delaware.

Nortel Networks employs about 33,000 workers, and it has extensive operations in Israel.

Pele-Phone Communications Ltd. chose Nortel to operate its CDMA network. Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR; LSE:PCCD) chose to implement a Nortel UMTS network. Most of Bezeq The Israeli Telecommunication Co. Ltd.'s (TASE: BEZQ) voice communications infrastructure is based on Nortel DMS solutions, and most Cellcom Israel Ltd. (NYSE:CEL) subscribers use Nortel's wireless infrastructure.

Nortel is also the major supplier for voice communications infrastructure to the Ministry of Defense.

Published by Globes [online], Israel business news - www.globes-online.com - on January 14, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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